HomeUncategorizedBTC may need to dip to $19.3K to cool Bitcoin profit-taking — new data By Cointelegraph

BTC may need to dip to $19.3K to cool Bitcoin profit-taking — new data By Cointelegraph

March 7, 2023

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(BTC) would need to return below $20,000 to reset a key metric that covers speculative profit-taking, data shows.

In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode revealed that short-term holders (STHs) might be dictating BTC price resistance.

Bitcoin STH-MVRV estimation annotated chart (screenshot). Source: Glassnode
1-hour candle chart (Bitstamp). Source: TradingView