50-day price MA ÷ 50-day realized-price MA — Bitcoin price with the ratio of its 50-day average to the 50-day realized-price average
The 50-day moving average of Bitcoin’s market price divided by the 50-day moving average of realized price, plotted with spot price on a logarithmic scale.
A ratio above 1 means the market-price average is above the network’s average cost basis. The red >2.4 region highlights historically stretched moves; below 1 marks market price pressure relative to realized value.
Both inputs are smoothed over 50 days, so the signal deliberately lags abrupt moves. The color thresholds provide historical context, not buy or sell instructions.