Over the past 24 hours, Bitcoin has seen trades totaling $24 billion, with its current price resting at $43,616. Despite commanding a 54% market share and boasting a market capitalization of $856 billion, the leading cryptocurrency experienced a slight dip of 1.11% in the last 24 hours.
BTC price analysis reveals that Bitcoin encountered significant selling pressure as it fell short of breaching the $45,000 threshold. Notably, prominent cryptocurrency analyst Ali, shared on X, disclosed that Bitcoin whales offloaded approximately 50,000 BTC over the past week, translating to an estimated value of $2.20 billion.
#Bitcoin whales have sold around 50,000 $BTC over the past week, worth roughly $2.20 billion! pic.twitter.com/rBK8DGmg8B
— Ali (@ali_charts) December 22, 2023
Santiment’s insights on X added a cautionary note, indicating that Bitcoin’s ratio of supply in profit currently stands at 89%. This high figure suggests a need for vigilance as the crypto giant navigates into the new year. Historically, more favorable conditions for further price increases are observed when this metric falls within the 40-70% range. Therefore, the prevailing scenario raises the possibility of Bitcoin encountering additional selling pressure.
📊 $BTC's ratio of supply in profit sits at 89%, a level to be cautious with heading into the new year. Further rises are more likely when this number is more in the 40-70% range. Meanwhile, $MATIC & $LTC sit more comfortably in an opportunity zone. https://t.co/MXFBSQ0R0n pic.twitter.com/kBPTDyi9gz
— Santiment (@santimentfeed) December 21, 2023
An exploration into the December 22 Options Data unveils that 25,000 BTC options are on the verge of expiration. The Put Call Ratio is noted at 0.70, signaling a balance between put and call options, while the Maxpain point is identified at $42,000. The notional value of these options is estimated to be around $1.11 billion.
Dec 22 Options Data
25,000 BTC options are about to expire with a Put Call Ratio of 0.70, a Maxpain point of $42,000 and a notional value of $1.11 billion.
217,000 ETH options are about to expire with a Put Call Ratio of 0.60, a Maxpain point of $2,200 and a notional value of…— Wu Blockchain (@WuBlockchain) December 22, 2023
This intricate web of market dynamics and key indicators is keeping traders on high alert, offering a nuanced perspective on Bitcoin’s short-term trajectory. As the crypto community awaits the outcome of these factors, the broader market sentiment remains attuned to the evolving landscape of the leading digital asset.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Follow us on Twitter @thevrsoldier to stay updated with the latest Crypto, NFT, and Metaverse news!
Image Source: loft39studio/123RF // Image Effects by Colorcinch
