Bitcoin

The ongoing <a href="https://news.todayq.com/bitcoins-fair-valued-at-30k-36k-whats-next-for-btc/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> upward rally presented an unprecedented scenario for the crypto market ahead in 2024. Bitcoin prices saw volatility this week as it reached a new yearly high of $44.6k before a sharp sell-off of $40.2k. This marked the third-largest one-day downward move for 2023. However, experts suggest that high selling pressure is maintained in the market. Investors book profit amid crypto market surge 
Bitcoin price is still up by over 150% YTD at its peak as it continues to outperform major assets. Despite this, data suggests that the Taker Sell Volume for Cryptos has reached a historic high in 2023.&nbsp; This volume has surpassed the Taker Buy Volume by registering a value below 1.&nbsp;
According to an expert, the imbalance in the ratio indicates high selling pressure with more investors inclined to sell at current prices than buy. An increase in Taker Sell Volume relative to Buy Volume highlights heightened market uncertainty. This can potentially push investors to offload assets to minimize risk.&nbsp;
This <a href="https://news.todayq.com/crypto-greed-index-hits-72-mirrors-global-markets-greed/" target="_blank" rel="noopener noreferrer nofollow">trend signals</a> a short-term downturn in prices as selling pressure is bashing buying interest. The global digital asset market registered a marginal surge on Friday. However, the biggest cryptos like BTC and Ether recorded a marginal decline over the last 24 hours.
BTC is trading at an average price of $42,837, at the press time. Its 24 hour trading volume is up by 3% to stand at $25.6 billion. As Bitcoin navigates through these shifting dynamics of the market, crypto experts suggested two crucial indicators for understanding the current market trajectory. Are we heading towards bull phase? 
A rising Net Unrealized Profit/Loss (NUPL) signals a market becoming increasingly profitable. This often aligns with bullish sentiment. It has turned to “greed” from neutral. The current trajectory of NUPL hints at a surge in market optimism which is a common signal of entering a bull market phase.
It added that a low Market Value to Realised Value (MVRV Ratio) indicates an undervalued state, often observed in bear markets. It is important to note that the recent upward movement in the MVRV ratio suggests a potential shift from undervaluation to an anticipated growth phase. This directly indicates the initiation of a bull cycle.
The current readings of NUPL and MVRV Ratio signals a potential subsiding of the bear market for Bitcoin. However, it remains crucial to address the possibility of price corrections as various economic factors can influence market behavior.
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

Crypto market records historic Taker Sell Volume, Bitcoin price reacts

Todayq News

Other articles published on Dec 15, 2023

BONK Surpasses DOGE and SHIB in Trading Volume

Crypto Analyst Breaks Down Bitcoin and One Top AI Altcoin, Does a Deep Dive Into Ethereum Rival C...

Will $1.6B Bitcoin Options Expiring Boost BTC to Another Yearly High?

Sanctioned mining firm BitRiver sees crypto interest surge among Russian oil majors

Gary Gensler Says SEC Is Taking A ”New Look” At Spot Bitcoin ETFs After Court Rulings

Crypto expert suggest BlackRock to add 1M Bitcoin for ETF as market awaits approval

Join our free newsletter for daily crypto updates!