[Digital Today reporter Hyunwoo Choo (추현우)] Bitcoin has slipped from the $80,000 range to the $60,000s, undergoing one of the biggest corrections of this cycle. U.Today, a blockchain outlet, reported on June 8 that bitcoin’s MVRV ratio recently fell to 1.1, sitting just above an undervalued zone seen as a major bottom in the past.

MVRV is an indicator that compares bitcoin’s market value and realized value to show holders’ profit status relative to their average purchase price. When the figure nears 1.0, it has been interpreted as a sign the market is approaching fair value. When it falls below 1.0, it has often been linked in the past to meaningful accumulation opportunities. Still, the current reading alone cannot confirm that a bottom is in place.

The technical trend remains weak. Bitcoin is below the 50-day, 100-day and 200-day moving averages on the daily chart. That structure typically signals strong bearish momentum.

By contrast, short-term indicators have entered oversold territory. The relative strength index, or RSI, has dropped to around 27. In the past, when bitcoin reached similar RSI levels, cases followed in which a relief rally or a medium-term trend reversal came next.

Trading volume has also jumped sharply during the recent decline. That suggests the move is closer to a wave of large-scale selling than a mild pullback driven by fading participation. Markets have often formed long-term bottoms after going through such forced-selling phases.

With MVRV nearing a historically undervalued zone and the RSI falling to deeply oversold levels, bitcoin is approaching a price range in which the risk-reward looks better for long-term investors. Still, short-term volatility remains, and it is still uncertain whether an exact bottom has already formed.