- Selling pressure on Bitcoin is increasing.
- The price adjustment could push BTC down to $95.8K again.
After crossing the historic $100K mark, Bitcoin [BTC] has witnessed an adjustment and fallen to the $98K range. Step by step, the 'king' coin is approaching the three-digit mark again.
However, BTC faces some obstacles ahead, which could lead to a price adjustment.
Bitcoin is nearing $100K, but...
Bitcoin price has been stable in the last 24 hours, moving slightly. At the time of writing, the 'king' is being traded at $99.6K with a market capitalization of over $1.97 trillion.
However, this gradual approach to $100K may not be successful as an important indicator is rising.
IntoTheBlock, a data analytics platform, recently posted on Twitter about BTC's MVRV ratio. According to this tweet, the MVRV of Bitcoin is nearing its all-time high.
Typically, when MVRV rises, it is often accompanied by a price adjustment.
History shows that BTC has witnessed similar downturns in 2018, 2021, 2022, and 2024. If history repeats itself, BTC investors should be prepared to welcome an upcoming price adjustment.
Is a price adjustment inevitable?
Not only the MVRV ratio is signaling a warning, but a few other on-chain indicators are also showing similar signals. For example, BTC's dominance has declined recently.
This ratio has dropped from 53.7% to 51% last week — a sign of a new altcoin season.
Data from Glassnode reveals that Bitcoin's NVT ratio has recorded a strong increase. Whenever this indicator rises, it suggests that the asset is being overvalued, implying an upcoming price adjustment.
Data from CryptoQuant also points to a few declining indicators. The net BTC inflows to exchanges are higher than the 7-day medium. This clearly signals an increasing selling pressure on the 'king' coin.
Additionally, aSORP has turned red, meaning that many investors are selling at a profit. In a bullish market, this could indicate a market top.
Furthermore, TinTucBitcoin previously reported that Miners are showing a lack of confidence in BTC as they are selling their holdings.
Precisely, in the last 48 hours, BTC Miners have sold 85,503 BTC, causing Miner's balance to drop to around 1.95 million BTC — the lowest level in several months.
The technical indicator MACD shows the advantage of sellers in the market. In case of a price adjustment, BTC could soon drop to the near $95.8K support level. If it falls below that, it could push BTC down to $91K.
However, the Money Flow Index (MFI) has recorded an increase, suggesting the possibility of further price increase. This could push BTC above the $100K mark in the coming days.
