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This chart is a derivative of MVRV and MVRV Z-Score. It uses a 1yr moving average of the MVRV score to indicate macro trends over time.
When MVRV is above its 1yr moving average, that typically indicates bullish conditions for Bitcoin price. When it is below the 1yr moving average it typically indicates bearish conditions.
You can learn more about MVRV and MVRV Z-Score here. They are some of the most powerful Bitcoin on-chain metrics.
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