- Bitcoin’s price fell 3.61% in 24 hours, hitting critical support levels between $98,830 and $95,830.
- Institutional transactions surged as Bitcoin withdrawals from exchanges reached 74,052 BTC this December.
Bitcoin [BTC] has experienced a recent decline in price and wallet returns, with the crypto trading at $95,397, at the time of writing. This marked a 24-hour price drop of 3.61% and a weekly decline of 1.95%.
Despite reaching an all-time high earlier this month, Bitcoin’s 30-day Market Value to Realized Value (MVRV) metric was at -1.9%. This is its lowest since the bull rally started in October.
According to Santiment, this negative MVRV suggests that many traders bought during a high-euphoria period and are now facing unrealized losses.
Source: Santiment
Santiment pointed out that Bitcoin’s historical average MVRV was 0%, reflecting its nature as a zero-sum market. Negative MVRV levels may signal buying opportunities, as positions at a loss can point to undervaluation.
The platform suggests a dollar-cost averaging (DCA) approach for traders aiming to capitalize on these conditions.
Key support levels and future price projections
Crypto analyst Ali emphasized the importance of Bitcoin’s support range between $98,830 and $95,830. Within this range, 1.09 million wallets collectively purchased over 1.16 million BTC, making it a critical level to monitor.
A breakdown below $96,000 could trigger a drop to $90,000 or $85,000, based on Fibonacci retracement levels.
Author: Olivia Stephanie
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