The STH MVRV ratio for Bitcoin currently sits at 1.1, indicating that short-term holders are, on average, 10% in profit. This metric helps gauge the sentiment of recent market entrants, who tend to be more speculatively minded and react quickly to price volatility. This year, the MVRV ratio for STHs peaked at 1.44 in March, dropped below 0.8 in September marking a local bottom, and reached the high of 1.35 in November. It often pays off to watch the neutral level of 1 as it tends to act as support during uptrends but can flip to resistance if decisively broken, signaling a shift in sentiment. In terms of price, the MVRV of 1.0 currently corresponds to a short-term holder cost basis of $87K. According to Cost Basis Distribution (CBD) data, there is an "air pocket" of demand between $87K and $71K. This potentially makes the $87K a make-or-break level for the short-term price action. 🔗 Relevant Charts: STH MVRV Indicator: https://glassno.de/3Pp4BLn Cost Basis Distribution (CBD) Data: https://glassno.de/cbd