While $BTC continues to show resilience amid geopolitical tensions, on-chain metrics indicate the market may still be undergoing a critical stress-test phase.

Current data shows the MVRV ratio hovering around ~1.2, a level historically associated with accumulation zones, where long-term investors gradually build positions while the broader market remains uncertain.

However, analysts point out that true cycle bottoms typically form when MVRV drops below 1.0, signaling full capitulation and maximum market fear.

For now, the data suggests we may be in the late stages of consolidation rather than the absolute bottom.

Smart money tends to accumulate during these phases, quietly positioning before the next major expansion.

Patience, data, and discipline matter most in moments like this.

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