Bitcoin Trading Activity Shows Signs of Profit-Taking

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Bitcoin's trading activity has declined in the last 24 hours, indicating profit-taking among coin holders. The coin's price has slipped by almost 1% and trading volume has dropped by 18%. BTC's market value to realized value ratio (MVRV) is at its highest level since March 2022, suggesting overvaluation. If all holders sold at the current market value, they would realize around 70% profit. On-chain transaction volume in profit to loss also reached its second-highest level this year.

Trading activity around Bitcoin has witnessed a slight decline in the last 24 hours. This shows that profit-taking activity has commenced among coin holders.Generally, long liquidations tend to be more than short liquidations when an asset’s price declines and futures market participants are forced to close their long positions., the leading coin’s price has slipped by almost 1% in the last 24 hours, while trading volume has dropped by 18% during the same period.

Conversely, a negative MVRV value shows that the asset in question is undervalued, and if holders sold at the asset’s current price, they would realize losses.

 

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