Bitcoin recently recovered from a correction that pushed its price to $89,000, but it didn't significantly impact market sentiment. The MVRV Ratio, currently at 1.32, reflects Bitcoin's positive market sentiment, indicating that the average BTC unit holds an unrealized profit of 32%. Bitcoin's unrealized losses have shown resilience, suggesting the presence of a bull market. Bitcoin's price is nearing the neckline of a double-bottom pattern, and a breakout above the neckline could trigger an 11% rally. However, failing to breach this level could lead to a drop below $100,000, potentially setting Bitcoin back significantly.



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