MVRV Ratio: Bitcoin Uptrend Momentum Still Limited, Macro Variables Key Constraint

BlockBeats News, August 7th, QCP Capital stated in a post that Bitcoin has rebounded from a low of around $62,500 earlier this week and is currently hovering around $64,000. The most notable aspect of this rally is not the momentum itself, but the pressure the market has absorbed: Strategy sold 1638 BTC, realizing about $105 million; at the same time, the reported loss from the Coldcard security incident has increased to around $110 million. However, neither of these events has led to a sustained drop in the Bitcoin price.

The options market also reflects a similar calm sentiment. The front-end implied volatility remains at a low level within the recent range, and the downside skew has eased somewhat, despite the ongoing macroeconomic complexity.

The U.S. manufacturing sector showed some strength in July, but labor market indicators softened. JOLTS job openings fell to 7.36 million, and ADP employment only increased by 44,000, making today's U.S. jobs report the market focus. Meanwhile, uncertainty in the Hormuz Strait has pushed Brent crude oil back above $83. Japan remains another important liquidity variable. After joint intervention to support the yen, as domestic yields rise, the Bank of Japan still holds about half of the outstanding Japanese government bonds, with the impact of Japan's funding environment far exceeding the forex market itself.

For the crypto markets, key distinctions remain crucial: resilience has improved, but momentum remains limited. Macro liquidity, the energy market, and the timing of U.S. digital asset legislation are still core variables that require close attention.