Bitcoin has fallen through a key on-chain valuation band, shifting attention to a lower support cluster between $54,000 and $50,000. Analyst Ali Martinez, citing Glassnode’s MVRV Pricing Bands, said the break below roughly $72,000 has weakened Bitcoin’s near-term setup and opened the door to a deeper test lower.
Martinez said the loss of support near $72,444 pushed Bitcoin below the model’s -0.5 band, an area that has often acted as an important floor during past market pullbacks. In the chart he shared, Bitcoin was trading around $67,180 at the time of observation. That leaves the market focused on a simple question: whether buyers can reclaim the lost level, or whether price continues drifting toward lower valuation bands.
MVRV model points to a lower support cluster
The MVRV Pricing Bands model compares Bitcoin’s market value with its realized value to map out zones where the asset may look historically stretched or discounted. Current data places the model’s mean valuation near $94,163. Resistance bands above that level sit around $115,882 and $137,601.
After the break under $72,444, the market’s focus has moved down. Martinez identified the next major support near $53,909, which aligns with the model’s -1.0 band. Bitcoin’s realized price is also sitting near $50,726. Taken together, those levels create a broader support zone between $54,000 and $50,000.
Historically, Bitcoin has often found support around these lower MVRV levels during extended corrections. Realized price, in particular, is widely tracked as one of the market’s key long-term valuation markers. If selling pressure holds, that lower cluster is likely to stay in focus.
Reclaiming $72K remains the immediate test
For now, the ability to move back above $72,000 remains central to easing downside pressure. A recovery above that area would improve the short-term picture and reduce the odds of a deeper correction.
Under the MVRV Pricing Bands framework, the former support near $72,444 has now become the main battleground between buyers and sellers. If Bitcoin fails to recover that level, attention is likely to remain fixed on the $54,000-$50,000 support cluster highlighted by Martinez. Price action around the $72,000 region will shape whether the market stabilizes or stays in its current corrective phase.