Bitcoin Price Dips Below $100,000, Losses Climb To 9-Month High
Bitcoin lost over 8% this week, pushing transaction volume in losses to a nine-month high as it hovers near the critical $100,000 support level.Summary
Bitcoin (BTC) has experienced a significant downward trend, losing over 8% in value over 48 hours, which has driven the total transaction volume moved at a loss to a nine-month high, signaling widespread investor panic selling.
On-chain data shows over $24 billion worth of BTC moved at a loss recently. Despite this bearish signal, Bitcoin's MVRV Ratio has entered the "opportunity zone" for the first time since March, suggesting selling activity might be saturating, which could signal a market bottom if investors see value in current prices.
At the time of writing, BTC was trading slightly above $100,000 after briefly dipping below it to $98,966. The recent drop validated a head-and-shoulders pattern projecting a potential 13.6% decline toward $89,948, though a bounce from $100,000 could retest $105,000; however, a breach below $98,000 could lead to further losses.
(Source：BeInCrypto)