Bitcoin bulls have returned, with the price of BTC recently exceeding $90,000, marking a significant upward trend. Analysts predict an 80% potential gain if Bitcoin's Market Value to Realized Value (MVRV) ratio can maintain around 2 in the coming weeks. This rebound follows substantial $381 million inflows into U.S. spot Bitcoin ETFs, reviving institutional interest that had been subdued. Despite the optimistic surge, buy volumes from smaller investors remain low, indicating that retail support may be lacking. Recent data shows a $2.4 billion increase in Bitcoin futures open interest, pointing to a leverage-driven rally rather than organic growth from spot transactions. For Bitcoin to sustain its position above $90,000, the divergence between futures and retail trader activity must narrow. Historically, an MVRV near 2 has heralded strong price rallies, as observed during the last bull run from October 2024 to February 2025 when Bitcoin reached its all-time high. This article emphasizes the importance of ongoing market dynamics in determining Bitcoin's trajectory.

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