Bitcoin’s [BTC] price might be due for a correction as the value of a key on-chain metric trends toward historically “dangerous” levels...
Although the market is in a consolidation phase, BTC’s DMI showed that the bearish bias toward the leading coin is still significant.price might be due for a correction as the value of a key on-chain metric trends toward historically “dangerous” levels, CryptoQuant analyst Woo Minkyu found in a new
BTC’s aSOPR measures the profit or loss realized when the coin is spent by its holders. An aSOPR value above 1 signifies that coins are being sold at a profit overall.As of this writing, the coin’s aSOPR was 1.03, meaning that BTC holders currently record profits from selling their coins.that despite the significant resistance faced at the $71,000 price level, over 87% of BTC’s circulating supply is held in profit.
“However, historical data suggests that when this indicator approaches 1.08, Bitcoin prices tend to enter a correction phase. Considering past instances where similar patterns were observed, there is a possibility that the current situation might follow the same trend,” the analyst noted.At press time, BTC exchanged hands at $64,584. It has trended within a horizontal channel since 20th May, bouncing between resistance at $71,926 and support at $64,529.
BTC’s declining Average True Range confirms the consolidation phase. AMBCrypto found that the value of this volatility marker has decreased by 28% since 20th May.
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