Key control
JPMorgan’s undervaluation call is aligned with MVRV, ETF inputs and reduced reserves. Meanwhile, Bitcoin’s bounce potential depends on a $ 104K support, with $ 120K as the following key objective.
Since mid -2025, institutional confidence in Bitcoin [BTC] It grew as volatility fell to about 30%, the lowest annualized level ever registered for the asset.
JPMorgan recently emphasized that BTC remains undervalued compared to gold, citing its evolving role as macro coverage instead of a speculative tool.
Supporting this, the MVRV ratio stood at 2.1, well below the overheated levels about 4. In fact, the exchange reserves were reduced, while ETF inputs remained stable, which reflects the structural demand.
Therefore, both the signals in the chain and the institutional perspectives suggested that Bitcoin’s fair value was above its current market level.
Can Bitcoin recover and aim at $ 120K?
Bitcoin quoted around $ 108,450, at the time of publication, bouncing the setback of 0.618 Fibonacci to $ 104.7k, an area that historically acted as a strong support.
Naturally, a rebound here could unlock profits towards $ 112K and $ 120K– $ 123K.
Meanwhile, the relative resistance index sat about 37, which indicates the weakening of the pressure and the downward conditions towards the survey.
However, a failure to retain $ 104K could lead to a correction with $ 100K as the next key defense. Therefore, the range of $ 104k– $ 108K will dictate the short -term trajectory of Bitcoin.
Source: TrainingView
Is the activity of cooling futures a sign of stabilization ahead?
The derivative data showed volumes of cooling futures, since the bubble map indicated to relieve speculative activity.
Reduced leverage often precedes stabilization, since the risk of liquidation falls when the futures trade slows down.
In addition to that, quieter derivative markets can create healthier land for sustained manifestations, even if they delay short -term artificial fires. Institutional players often accumulate in such periods, favoring efficiency on volatility.
Source: Cryptoquant
Does this fall confirm a stronger network value?
The Bitcoin transaction network value ratio fell by more than 23% to 23.7, at the time of writing, marking a significant decrease.
This change means that the transfer value of the network is improving in relation to its market capitalization, which historically supports a more sustainable price growth.
That said, the proportion must remain moderate to preserve trust. High readings have often preceded overheated valuations and corrective phases.
Source: Cryptoquant
Will Bitcoin claim $ 120K in the coming weeks?
JPMorgan’s undervaluation thesis aligned with the improvements in the chain and technical resilience, which reinforces Bitcoin’s potential for renewed strength.
If the $ 104K leveling level continues to act as a base, the road to $ 112K and $ 120K remains attainable.
Cooling futures and a lower NVT relationship provide additional reasons for optimism.
