A continued jump in average trader returns may lead to a price correction.price breached the psychological $30,000 price point to exchange hands at $31,200 during the intraday trading session on 3 July.
According to data from Santiment, BTC’s MVRV ratio was a positive 0.776 at press time, suggesting that the leading coin was overvalued.Typically, when an asset’s MVRV ratio is overvalued, market participants have bid up the price of such an asset beyond what is justified by its historical average realized value.
This may be due to speculative buying, investor exuberance, or other factors driving the price higher in the short term. In such situations, a price correction or a period of consolidation often follows. Further, a look at the ratio of BTC’s on-chain transaction volume in profit to loss spike showed that BTC profit-taking transactions have been happening twice as fast as loss-taking transactions for several weeks.Source: Santiment
On the price chart, BTC’s price rested close to the upper band of its Bollinger Bands indicator. This suggested that the coin’s price was nearing the upper limit of its recent price range. It is often taken as an indication of a potential price pullback.Key momentum indicators such as the Relative Strength Index , Money Flow Index , and Chaikin Money Flow were positioned above their respective center lines . However, BTC’s Aroon Up Line was in a downtrend at 21.43%.
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