Decoding what’s behind Bitcoin’s [BTC] volatility as price touches $25k

Several funds/institutions poured nearly $1.6 billion into the crypto market since 10 February. The bears have taken over the market as BTC’s price plummeted. Bitcoin [BTC] surprised the entire crypto market by registering gains as its price exceeded $25,000 on 16 February. This was good news, as BTC reached that mark after a long struggle […]

The aforementioned developments had a positive impact on the market, resulting in a bullish rally. However, the northbound breakout was short-lived, as the market witnessed a trend reversal soon., BTC’s price declined by over 3.8% in the last 24 hours, and at the time of writing, it was trading at $23,713.42 with a market capitalization of over $457.4 billion.A look at BTC’s on-chain metrics revealed quite a few reasons that supported the bears and caused the most recent price decline.

, BTC’s exchange reserve was increasing, which indicated higher selling pressure. BTC’s aSORP was red, suggesting that more investors sold their holdings for profit amidst the bull rally.’s open interest in the last 24 hours as it plummeted by over 9%.Santiment’s chart also pointed out a few interesting metrics. BTC’s recent price decline was accompanied by high volume, further legitimizing the downtrend.

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