Bitcoin’s on-chain indicators are tilting into territory that historically stirs mixed emotions. The Market Value to Realized Value (MVRV) ratio has slipped to 1.19, and a rare death cross between two extended moving averages is reinforcing the picture of a market that could retreat further before finding its floor. But the same signal is also characteristic of the phase where long-term holders start accumulating again, according to a CryptoQuant update published on June 5.