- Selling pressure on Bitcoin was rising.
- A price correction can push BTC down to $95.8k again.
After crossing a historic $100k mark, Bitcoin [BTC] witnessed a pullback and dropped near the $98k range. Slowly, the king coin was again approaching the triple digit mark.
However, BTC has to face a few obstacles going forward, which can trigger a price correction.
Bitcoin inches towards $100k again, but…
Bitcoin price consolidated in the last 24 hours as its price moved marginally. At the time of writing, the king was trading at $99.6k with a market capitalization of over $1.97 trillion.
However, this slow approach to $100k might not be a successful attempt as a key metric was rising.
IntoTheBlock, a data analytics platform, recently posted a tweet highlight BTC’s MVRV ratio. As per the tweet, Bitcoin’s MVRV was moving closer to historic peak levels.
Generally, when MVRV rises, it is often followed by price corrections.
Historically, BTC witnessed similar pullbacks in 2018, 2021, 2022, and 2024. If history repeats, then BTC investors should prepare themselves to witness a price correction soon.
Source: X
Is a price correction inevitable?
Not only did the MVRV ratio flag a red signal, a few other on-chain metrics also painted a similar picture. For instance, BTC dominance has been declining of late.
The ratio dropped from 53.7% to 51% last week — a sign of a new altcoin season.
Glassnode’s data revealed that Bitcoin’s NVT ratio registered a sharp uptick. Whenever the metric rises, it indicates that an asset is ov
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Author: Dipayan Mitra
