Bitcoin buying activity has dropped to 2022-levels, with the 30-day average taker buy volume on Binance reaching $3.3 billion, the lowest since July 2023. Short-term holders, whose average cost basis stands at $67,105, have been sitting on unrealized losses for 98 consecutive days as their MVRV ratio fell to 0.94. Bitcoin’s price remains above the moderate stress band at $59.3k, but the $65k-$67k supply zone could cap any price rebound. The SOPR indicator at 0.996 shows minor losses on sales, with no mass capitulation yet, suggesting the market is in a lethargic phase rather than a confirmed bearish reversal.
Source: Read the original article
