Bitcoin and XRP Head for Strongest Weekly Close Since 2024: What’s Next?

Bitcoin and XRP are surging toward their strongest weekly closes since 2024, powered by a historic short squeeze and a wave of supportive policy signals from Washington.

On-chain data now adds another layer, hinting this rally could mark more than a temporary bounce.

Bitcoin and XRP Surge as On-Chain Data Flashes a Rare Bottom Signal

The MVRV ratio compares Bitcoin's current market value to its realized value, the average price at which coins last moved. Sharp vertical rises in this metric have historically preceded major cycle bottoms.

Bitcoin trades above $79,000, up roughly 25% over the past seven days and more than 13% in the last 24 hours, according to BeInCrypto data. Analysts called this the biggest weekly gain since February 2024, adding approximately $280 billion to market capitalization in under five days.

CryptoQuant analyst Crypto Dan flagged the MVRV signal as notable. He described the rebound as the first powerful signal in this bear cycle, echoing patterns seen at the end of previous downcycles.

"Bitcoin's recent rebound is a signal that has emerged for the first time in this Bear cycle. The MVRV indicator, which measures Bitcoin's present valuation, is showing a vertical rise. This signal is the very movement that appeared as the bottom range came to an end in every past downcycle. suggesting that the possibility of the market turning from decline to ascent is growing," Crypto Dan said. Bitcoin (BTC).