Bitcoin nears key test as short-term holder profits decline despite new price highs

Bitcoin has reached three all-time highs between 2024 and 2025, but each peak showed a lower short-term holder MVRV, indicating weakening confidence among recent buyers. A descending trendline connecting these MVRV peaks suggests a structural shift in market sentiment. Analysts highlight that if Bitcoin reclaims the short-term holder Realized Price and the MVRV stabilizes above 1.0, it could mark a significant regime change, shifting holders from loss to profit and potentially enabling stronger price gains. Until then, this trendline acts as resistance, and investors are advised to watch these indicators closely before betting on further upside.