Bitcoin (BTC) is trading around $93,948, experiencing a slight dip of 0.37% over the past 24 hours. Despite this minor pullback, BTC has shown resilience, maintaining its position near recent highs.
Technical indicators suggest a potential short-term correction. The Moving Average Convergence Divergence (MACD) has turned bearish, and the Bollinger Bands indicate that BTC is pulling back from the upper band, with the midline around $92,367 acting as critical support. Additionally, the Coinbase Premium Gap has slipped to -5.07, signaling caution among U.S. investors.
On-chain metrics remain strong, with 88% of BTC supply in profit and the Market Value to Realized Value (MVRV) ratio at 1.74, suggesting consolidation rather than a downturn. Institutional interest continues to grow, with significant purchases by entities like Strategy and spot BTC ETFs highlighting the appetite for Bitcoin.
