On-chain analytics firm Glassnode reports that Bitcoin has stabilized above its 135-day moving average, signaling a potential shift from volatility toward consolidation.
The update highlights that Bitcoin’s Young Supply MVRV ratio, a measure tracking unrealized profit for recently acquired coins, has reset toward 1.0, a level historically linked to market equilibrium. When this metric gravitates around 1.0, it typically reflects a cooling period where short-term holders exit speculative phases, allowing the market to reset without structural damage.
Signs of Healthy Consolidation
Glassnode’s chart shows Bitcoin maintaining strength near the mid-$70,000 range while preserving its macro uptrend structure despite recent turbulence. Analysts interpret the combination of a stable 135-day moving average and normalized MVRV as evidence of market maturity, suggesting that speculative excesses have been flushed out.
The 135-day SMA has often acted as a cyclical pivot level in Bitcoin’s history, a point separating bearish exhaustion from renewed bullish momentum. Holding above it supports the narrative that Bitcoin remains in a broader accumulation phase rather than entering a prolonged correction.
Glassnode’s findings imply that Bitcoin’s current consolidation could be a constructive pause before the next trend phase, as capital rotation and on-chain activity stabilize following months of elevated volatility.