From the chart shared above by the on-chain analytics platform, on-chain volume in profit to loss was down to -0.155. As a key indicator of profitability in the market, this decline implies that loss-taking volume was overwhelming profits made.
Furthermore, the 30-day Market Value to Realized Value ratio was also negative. The MVRV ratio measures the relationship between the market and realized capitalizations. Values in the positive region indicate an advancement toward the market top. Conversely, when the metric is in negative territory, it implies that BTC could be near the bottom. So, in its press time state, BTC had more tendency to recover than slide again. Another metric to consider in this regard is volume.As of this writing, the volume was 12.32 billion. While this metric decreased, it has previously risen to 20.05 billion on 2 August,
increased liquidity. Therefore, if the volume experiences another hike, it could set the tone for BTC’s bounce.
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