Bitcoin at $95,000 Threshold: Whale Profits and Technical Data Indicate Possible Corrections
As Bitcoin tests the $95,000 level, mixed signals are drawing attention in the market. In particular, the increasing unrealized profits of whales and some technical indicators suggest a possible price fluctuation in the short term.
Whales holding between 1,000 and 10,000 BTC have increased their unrealized profits by 38% since the beginning of April, bringing them to approximately $150 billion. In the past, when these gains approached $200 billion, profit realizations were typically seen, causing upward momentum in the market to slow down. Therefore, the recent increase in whale profits may herald a potential price correction.
On-Chain Activity and Technical Indicators
Bitcoin's network activity continues its strong trend. In the last 24 hours, approximately 808,000 active addresses and 392,000 transactions have been recorded. This increasing usage indicates that investor demand remains alive and the adoption rate of the network is rising. However, high network activity alone does not guarantee that prices will sustainably rise; nonetheless, such indicators are often associated with bullish trends.
Despite this positive picture, Bitcoin's MVRV ratio (Market Value to Realized Value) has reached 2.37. This ratio indicates that BTC's market value is quite high compared to the average price it was last moved at. In the past, such levels have indicated the beginning of market corrections. Additionally, Bitcoin's stock-to-flow ratio has exceeded 725. This indicates that Bitcoin is becoming increasingly scarce in terms of supply, supporting a bullish outlook in the long term.
Price Movement and Technical Analysis
At the time of writing, Bitcoin was trading around $94,800 and the RSI value had reached 66.98. This indicates that the asset is approaching the overbought zone and the upward movement may be limited in the short term. The Bollinger Bands also indicate that the price is approaching the upper band, implying that a possible pullback may be imminent.
If Bitcoin surpasses $95,000, the next target could be $105,000. However, if this resistance cannot be broken, there is a possibility that the price will test the support level at $85,000.
Result: A Market Ready for Fluctuations
In the Bitcoin market, there are currently positive signals such as strong network usage and long-term supply scarcity, alongside high profitability and potential correction warnings from technical indicators. This mixed picture requires investors to be cautious in the short term. Bitcoin's next movement may be shaped by how it deals with the resistance at the $95,000 level.
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