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<p class="is-style-lead">Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) has been consolidating between $25,800 and $26,100 since Aug. 18. However, market intelligence data suggests that the flagship cryptocurrency is undervalued.</p> 
<p>According to Santiment, Bitcoin’s market value over realized value (MVRV) ratio on a 30-day moving average has dropped by 8.49%. This suggests that the asset’s price is currently undervalued at this point.</p> 
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   <p lang="en" dir="ltr">📉 Even when traders are praying that markets fall so they can get discounted <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a>, many feel second thoughts when presented with the actual opportunity to <a href="https://twitter.com/hashtag/buythedip?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#buythedip</a>. Our latest insight covers the sentiment shift as a result of last week's drop. <a href="https://t.co/bJs0KLd7d1" target="_blank" rel="noopener noreferrer nofollow">https://t.co/bJs0KLd7d1</a> <a href="https://t.co/9wxJB4RI5A" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/9wxJB4RI5A</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1693868737554977034?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 22, 2023</a> 
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<h2 class="wp-block-heading" id="buy-the-dip">Buy the dip?</h2> 
<p>On the other hand, the social volume for the term “buy the dip” has dropped significantly after it skyrocketed last week. Per Santiment, the optimism for a “quick market recovery” has faded.</p> 
<p> You might also like: <a href="https://crypto.news/spacexs-bitcoin-dump-triggers-chain-reaction-liquidations-surpass-1-billion/" rel="noopener noreferrer nofollow"> SpaceX’s Bitcoin dump triggers chain reaction, liquidations surpass $1 billion </a> </p> 
<p>Moreover, the analysis suggests that most optimism came from Reddit, while Twitter and Telegram had a small share that has already been neutralized.</p> 
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 <p>“Believe it or not, it’s a good sign that people are no longer certain that this is a dip buy spot.”</p> <cite>Santiment analyst</cite> 
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<p>Per Santiment, Bitcoin’s social dominance witnessed a massive surge when the asset took a deep dive from the $28,000 mark on Aug. 18.&nbsp;</p> 
<p>Furthermore, the analyst suggests that long-term active BTC investors are still profitable, with the 365-day MVRV ratio sitting above 5%. Per Santiment, many short positions remain open on exchanges despite the recent price downturn.</p> 
<p>Bitcoin is up by 0.24% in the past 24 hours and trading at $26,070 at the time of writing. The hike comes as the asset’s 24-hour trading volume witnessed a 40% surge, reaching $12.9 billion.</p> 
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 <img decoding="async" fetchpriority="high" width="1136" height="605" src="https://crypto.news/app/uploads/2023/08/BTC-price-Aug-22.png" alt="Bitcoin is undervalued as price consolidated around $26k - 1" class="wp-image-14187196"> 
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   BTC price – Aug. 22 | Source: Trading View 
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<p>BTC <a href="https://crypto.news/btc-struggles-around-26k-as-spacex-drops-its-holdings/" rel="noopener noreferrer nofollow">dropped</a> below the $26,000 mark on Aug. 21, while the number of addresses holding at least one coin reached a new all-time high.</p> 
<h2 class="wp-block-heading" id="bitcoin-whales-shuffle">Bitcoin whales shuffle</h2> 
<p>According to data provided by BitInfoCharts, a Bitcoin wallet has <a href="https://bitinfocharts.com/bitcoin/address/bc1ql49ydapnjafl5t2cp9zqpjwe6pdgmxy98859v2" target="_blank" rel="noopener noreferrer nofollow">accumulated</a> 118,300 BTC over the past three months. The assets in the address are currently worth $3.08 billion at the time of writing.</p> 
<p>While some claim the address belongs to the Gemini crypto exchange, data provided by Arkham suggests the wallet belongs to Robinhood.</p> 
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 <img decoding="async" width="1906" height="873" src="https://crypto.news/app/uploads/2023/08/Screenshot-2023-08-22-143412.png" alt="Bitcoin is undervalued as price consolidated around $26k - 2" class="wp-image-14187264"> 
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   Stats of the “bc1q….59v2” address – Aug. 22 | Source: <a href="https://platform.arkhamintelligence.com/explorer/address/bc1ql49ydapnjafl5t2cp9zqpjwe6pdgmxy98859v2" target="_blank" rel="noopener noreferrer nofollow">Arkham</a> 
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<p> Read more: <a href="https://crypto.news/binance-support-hints-at-euro-transfer-and-withdrawal-issues/" rel="noopener noreferrer nofollow"> Binance support hints at euro transfer and withdrawal issues </a> </p>

Bitcoin is undervalued as price consolidated around $26k

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