• In the last 24 hours, BTC long liquidations exceeded short liquidations.
• On the spot market, the bulls remain in control.

Bitcoin [BTC] long liquidations have exceeded short liquidations in the last 24 hours, according to CoinGlass. The data provider said long liquidations totaled $20 million, while the value of short liquidations was below $10 million. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

Generally, long liquidations tend to be more than short liquidations when an asset’s price declines and futures market participants are forced to close their long positions. 

According to data from CoinMarketCap, the leading coin’s price has slipped by almost 1% in the last 24 hours, while trading volume has dropped by 18% during the same period. This suggested that while the coin’s price remains at a multi-month high, profit-taking activity was gaining momentum.

BTC printing profit for most holders

Data sourced from Santiment put BTC’s market value to realized value ratio (MVRV) at 68.96% at press time, its highest level since March 2022. 

An asset’s MVRV ratio tracks the ratio between the asset’s current market price and the average price of every coin or token of that asset acquired. A positive MVRV ratio above one signals that an asset is overvalued.

Conversely, a negative MVRV value shows that the

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Author: Abiodun Oladokun

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