Bitcoin is displaying bearish trends, trading below $91,000 and sparking debates about its future direction. Analysts, including CryptoQuant contributor Percival, are focusing on major market metrics to forecast BTC's trajectory.
Percival's analysis emphasizes Bitcoin's historical seasonal behavior, noting increased sell-side pressure towards the year's end, often persisting into January. Institutional profit-taking and macroeconomic factors are influencing this trend.
Despite these pressures, Bitcoin maintains its $90,000 support, experiencing a 13% decline in Open Interest, primarily attributed to activity on the Chicago Mercantile Exchange. Bitcoin ETFs have seen a reduction in monthly inflows, reflecting broader market sentiment.
Percival highlights diminished sell-side pressure in January, with sell-side risk indicators showing market balance, aided by favorable Short-Term Holder Market Value to Realized Value levels. Demand dynamics remain crucial, with on-chain volume indicating strong market interest.
The gap between the STH MVRV average and the short-term holder cost base could allow external events to impact Bitcoin's price. However, the balance between demand and sell-side risks suggests consolidation.
Nguồn: www.newsbtc.com ↗