The price of bitcoin (BTC) has entered a correction phase following the asset’s rally to and beyond the $44,000 mark.
A weekly report from the on-chain analytics platform CryptoQuant revealed that several valuation metrics show the leading digital asset is due for a correction as its price has increased too fast.
BTC in the Correction Phase
One of the metrics is CryptoQuant’s Bull-Bear Market Cycle Indicator, which has entered the red area for the third time this year. Historically, crypto asset prices have witnessed a correction for the past two periods, and the indicator moved into the overheated bull phase.
Another metric is the percentage of Bitcoin supply in profit. On-chain data shows that 90% of circulating BTC is in profit, and according to previous circles, the current phase marks the start of a price correction.
In addition, the crypto market has witnessed selling pressure from both short and long-term holders, whales, and miners. Short-term holders started to offload the
We współpracy z: https://cryptopotato.com/bitcoin-in-correction-phase-following-rally-to-44k-cryptoquant/
