Bitcoin News Today: Bitcoin Analyst Says Bull Market ‘Not Over’ as BTC Recovers Above $112K

Key TakeawaysBitcoin rebounded to $112,293 after last week’s steep sell-off and liquidations.XWIN Research Japan says on-chain data shows the bull market is “not over.”The MVRV ratio at 2 suggests consolidation, not capitulation.Over $4 billion in crypto longs were liquidated during last week’s crash.The Crypto Fear & Greed Index has recovered to “Neutral” at 50.Bitcoin Rebounds After Volatile WeekBitcoin staged a recovery early Monday, briefly climbing above $112,000 after a turbulent week that saw two major waves of liquidations. Data from CoinGecko shows BTC hit a 24-hour high of $112,293 before stabilizing near $111,835.The rebound follows a sharp decline last week that pushed Bitcoin to $109,000, triggering widespread long liquidations across the crypto market.XWIN: On-Chain Data Shows Bull Market Still IntactDespite the volatility, analysts at XWIN Research Japan argued that Bitcoin remains in a bull market. In a CryptoQuant note, the firm highlighted long-term holder behavior and Bitcoin’s Market Value to Realized Value (MVRV) ratio as evidence of resilience.The MVRV ratio has dropped to 2, meaning the average holder’s cost basis is roughly half of Bitcoin’s market price. Historically, XWIN said, this reflects neither panic nor euphoric conditions but rather a healthy consolidation phase.“Bitcoin’s recent pullbacks appear less like the end of a rally and more like a period of digestion,” the firm wrote, adding that similar ranges in past cycles preceded strong expansion phases.Additionally, profit-taking among long-term holders has slowed, effectively reducing supply and offsetting short-term volatility. This, XWIN noted, creates conditions for renewed demand to drive prices higher.$4B in Crypto Longs Wiped OutThe recovery comes after a brutal week for leveraged traders. On Sept. 22, nearly $3 billion in longs were liquidated as Bitcoin slipped below $112,000. A second liquidation wave on Sept. 25 erased another $1 billion in positions, led by Ether longs.According to CoinGlass, Bitcoin accounted for $726 million in wiped-out longs during the first event, while $413 million in ETH longs led the second.Sentiment Improves as Fear EasesMeanwhile, the Crypto Fear & Greed Index rebounded to 50 (Neutral) on Monday, up from 28 last Friday when sentiment fell into “Fear” territory amid the crash.The move signals that despite recent liquidations, investor sentiment is stabilizing as Bitcoin holds above $111,000 heading into the week’s macro events.