CandleFocus Bitcoin Slumps from $93,000 Peak as Long-Term Holders Cash Out $3 Billion
2024-11-20
Author: Content Editor
Bitcoin (BTC) has experienced a decline in price from its peak of $93,495, with profit-taking accelerating. Market sentiment suggests a possible price reversal as traders lock in gains. On-chain data shows that long-term holders of BTC have been selling, with the highest single-day sell-off since June 26. The profitability of BTC transactions has been high, with a ratio of daily transaction volume in profit to loss at 2.01. The market value to realized value (MVRV) ratio suggests that BTC may be overvalued, leading to more holders selling. If profit-taking continues, BTC's price could fall further towards support below $90,000. However, if selling activity stalls and demand increases, BTC may attempt to rally past its all-time high.
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