Bitcoin, the first and largest cryptocurrency, may be gearing up for its next major move as a key Bitcoin indicator has hit a key reset level.
According to Glassnode, Bitcoin's MVRV Ratio has pulled back to its long-term mean of 1.74, a key reset level historically associated with consolidation phases. This marks a cooling of unrealized gains, similar to the August 2024 unwind, and could serve as support if held.
Other indicators suggest that Bitcoin may be on the verge of a significant move. The Bitcoin percentage supply in profit metric has also rebounded from its long-term mean, indicating a broad reset of investor expectations without widespread capitulation. Currently, 88% of the Bitcoin supply remains in profit, with losses concentrated among buyers in the $95,000–$100,000 range.
Likewise, the BTC Realized Profit/Loss Ratio has moved back above 1.0, signaling a shift toward profit-taking. This rebound, Glassnode stated, reflects improving market sentiment and suggests demand is strong enough to absorb profit realization, supporting the case for recovery.
At press time, Bitcoin was trading down 1.3% in the last 24 hours to $94,310. The crypto market experienced selling pressure on Monday, with only a few crypto assets in green as investors focused on the Federal Reserve meeting and interest rate decision scheduled for later this week.
Markets are anticipating the Fed's interest rate announcement on Wednesday. According to CME Group's FedWatch tool, traders were last pricing in a more than 98% chance that the central bank would keep interest rates constant.
However, investors will be eager to examine the Fed's policy statement and the post-meeting news conference for signals about the future path of interest rates.
In positive Bitcoin news, Strategy bought another 1,895 BTC worth nearly $180.34 million at an average price of $95,167 last week. Strategy currently holds 555,450 BTC worth $52.35 billion, with an average buying price of $68,550 and an unrealized profit of $14.28 billion.
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