Key Points
- Bitcoin’s price dropped by nearly 4% in the last 24 hours, with indications of weak selling pressure.
- A key indicator suggests that a further price correction could be imminent.
Bitcoin’s price has seen a decrease of almost 4% in the past day.
Despite this, the selling pressure on Bitcoin remains low according to certain metrics.
Bitcoin’s Price Trend
The price of Bitcoin reached $68k on June 13th before turning bearish.
A crucial indicator shows that the price has hit and fallen from a significant level, potentially leading to further price correction.
Data from CoinMarketCap shows a 4% drop in Bitcoin’s price over the past week.
However, the majority of Bitcoin’s supply remains profitable, with 87% of the total supply in profit.
Potential Price Correction
Crypto analyst Ali highlighted the possibility of a price correction in a recent tweet.
He noted that Bitcoin’s price had fallen below the +0.5σ MVRV pricing band, suggesting a possible correction towards the mean pricing band of $54,930.
Data from CryptoQuant shows a decrease in Bitcoin’s exchange reserve, indicating weak selling pressure.
The Miners’ Position Index shows fewer holdings being sold by miners compared to the one-year average, indicating an expectation of a price rise.
The derivatives market also shows a positive trend, with a dominant buying sentiment and a rising funding rate.
However, the Money Flow Index indicates a bearish trend, hinting at a continued price decline and a potential drop to $54k.
