CandleFocus Bitcoin Price May Drop Below $60,000 Due to Heavy Profit Taking
2024-09-26
Author: Content Editor
Bitcoin's price has surged by 19% in recent days, reaching $64,342, but it is facing resistance at the $65,000 level. This resistance, along with indicators such as the Market Value to Realized Value (MVRV) Ratio and the short-term Net Unrealized Profit/Loss (NUPL), suggests that there is a potential for a correction and a decline in price. The MVRV Ratio indicates that investors are currently in profit, but historically, when it ranges between 2% and 12%, it triggers selling and corrections. The NUPL also suggests that short-term holders are likely to start selling, increasing the risk of a price drop. The $63,068 level is a crucial support level, but if selling intensifies, the price could potentially drop to $59,666. On the other hand, if market optimism continues, Bitcoin may have a chance to breach the $65,000 resistance and continue the bullish trend.
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