Will BTC Long-Term Holders Push Price Below $90K?
Bitcoin (BTC) has fallen from a peak of $93,495 and is currently trading at $92,428 as profit-taking accelerates.
Market sentiment characterized by “extreme greed” signals a possible price reversal as traders increasingly lock in gains.
Bitcoin’s rise prompts long-term holders to sell
Evaluation of BeInCrypto BTC’s on-chain performance Its long-term holders (LTH) have seen a surge in token allocations. These investors hold tokens for a longer period of time, usually defined as more than 155 days.
The coin’s Hodler net position change fell to a five-month low on Tuesday, according to data from Glassnode. This metric reflects the overall buying and selling activity of long-term Bitcoin holders. The drop showed the group sold over $3 billion worth of BTC that day, the highest single-day selling volume since June 26.
It is worth noting that Bitcoin transactions Significant profits have been made The past few weeks. As of this writing, the coin’s daily trading volume P/L ratio (assessed using the 30-day moving average) is 2.01. This shows that for every BTC trade that ended in a loss, there were 2.01 trades that ended in profit.
and, Market value and realized value of BTC (MVRV) ratio indicates that the token may be overvalued, prompting more holders to sell. According to data from Santiment, BTC’s current MVRV ratio is 182.06%.
BTC’s MVRV ratio is 182.06%, indicating that its current market capitalization is significantly higher than its realized value. Therefore, if all currency holders sell, they will make an average profit of 182.06%.
Bitcoin Price Prediction: It All Depends on Long-Term Bitcoin Holders
At press time, BTC was trading at $92,428, just below the cycle peak of $93,495. If profit-taking activities continue in LTH, the price of BTC will fall further from this high towards support below $90,000. The next major support level is located at $83,983, according to readings from the coin’s Fibonacci Retracement tool.
However, if sales activity stalls and new demand for the token surges, The price will set you back $93,495 All-time high and trying to rally above it.
Disclaimer
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