Flow

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s price dropped by nearly 4% in the last 24 hours, with indications of weak selling pressure.</li> 
 <li>A key indicator suggests that a further price correction could be imminent.</li> 
</ul>  
<p>Bitcoin’s price has seen a decrease of almost 4% in the past day. </p> 
<p>Despite this, the selling pressure on <a href="https://coineagle.com/price/bitcoin/">Bitcoin</a> remains low according to certain metrics. </p> 
<h2 id="bitcoin-s-price-trend">Bitcoin’s Price Trend</h2> 
<p>The price of Bitcoin reached $68k on June 13th before turning bearish. </p> 
<p>A crucial indicator shows that the price has hit and fallen from a significant level, potentially leading to further price correction. </p> 
<p>Data from CoinMarketCap shows a 4% drop in Bitcoin’s price over the past week. </p> 
<p>However, the majority of Bitcoin’s supply remains profitable, with 87% of the total supply in profit. </p> 
<h2 id="potential-price-correction">Potential Price Correction</h2> 
<p>Crypto analyst Ali highlighted the possibility of a price correction in a recent tweet. </p> 
<p>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. </p> 
<p>Data from CryptoQuant shows a decrease in Bitcoin’s exchange reserve, indicating weak selling pressure. </p> 
<p>The Miners’ Position Index shows fewer holdings being sold by miners compared to the one-year average, indicating an expectation of a price rise. </p> 
<p>The derivatives market also shows a positive trend, with a dominant buying sentiment and a rising funding rate. </p> 
<p>However, the Money Flow Index indicates a bearish trend, hinting at a continued price decline and a potential drop to $54k. </p>

Is Bitcoin Headed for a $54K Plunge? Should You Sell Now?

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CoinEagle.com

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