According to a report by 10x Research shared by BlockBeats, South Korea’s cryptocurrency trading volume has plunged from a peak of $25 billion to $6.6 billion, as cautious market sentiment takes hold ahead of the Christmas holidays. Retail activity has slowed significantly, reflecting a more reserved market environment.
The report highlights that Bitcoin's Market Value to Realized Value (MVRV) ratio currently stands at 2.7x, signaling a "mid-cycle peak." Historically, when Bitcoin's price hits 4x its cost base, it often leads to large-scale profit-taking. At the 2.7x stage, many investors consider consolidation or profit-taking strategies.
Bitcoin’s key support level has been identified at $95,000. Analysts suggest that a breakout above $100,000 could signal strong bullish momentum, while a drop below $95,000 would warrant caution, urging investors to manage risks and avoid weaker market sectors.
This mid-cycle stage underscores the importance of staying vigilant as market participants weigh consolidation or further rallying opportunities.
