Emre Yumlu 
Bitcoin kicked off the new week with a strong recovery after last week’s turbulence, briefly reclaiming the $112,000 level on Monday. According to some analysts, this move signals that the bull market may still be intact.
Recovery After a Volatile Week
The past week was marked by sharp declines and heavy selling pressure in the crypto market. Bitcoin’s sudden drops triggered two massive liquidation events, leaving many investors concerned about exhaustion in the rally.
However, Monday’s bounce restored some optimism. Bitcoin reached a 24-hour high of $112,293 during early trading before stabilizing near $111,835 at the time of writing.
XWIN Research: “The Bull Market Is Not Over”
Japan-based investment firm XWIN Research suggested that Bitcoin’s long-term uptrend remains intact despite recent volatility. In its latest analysis, the firm highlighted on-chain data as evidence that the market still shows strength beneath the surface.
Central to this outlook is Bitcoin’s Market Value to Realized Value (MVRV) ratio, which currently stands at 2. According to XWIN, this level indicates that the market is neither in panic nor in euphoric territory. Historically, Bitcoin has often entered periods of strong expansion after consolidating around these levels.
The firm also noted that profit-taking by long-term holders has declined, effectively reducing available supply. This dynamic could set the stage for renewed demand and higher prices, supporting the idea that the cycle has not yet reached its final phase.
Billions in Liquidations Rock the Market
The recent recovery followed two waves of significant liquidations. On September 22, Bitcoin’s 3% drop below $112,000 wiped out nearly $3 billion in long positions across the crypto market.
Just a few days later, on September 26, another $1 billion in long positions was liquidated as Bitcoin briefly dipped to $109,000.
Data shows that Bitcoin accounted for the majority of liquidations on September 22, totaling $726 million, while Ethereum long positions led the losses on September 26 with $413 million liquidated.
Market Sentiment Turns Neutral
Alongside Bitcoin’s rebound, investor sentiment has improved. The widely followed Crypto Fear & Greed Index climbed back to “Neutral” territory on Monday, hitting a score of 50 out of 100.
This marks a significant recovery from Friday, when the index dropped to 28 — its lowest reading since mid-April, when Bitcoin traded near $80,000. The steady improvement over the past three days suggests that confidence is slowly returning to the market.
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