- Bitcoin’s price stagnated at $95,000 as rising whale transfers signaled potential selling pressure.
- The rising MVRV ratio and active address growth indicated optimism despite uncertainty.
Bitcoin [BTC] continued to fluctuate around the $95,000 price level, with movement limited in recent weeks.
Despite attempts by bears to push the price below this psychological threshold, Bitcoin has succeeded maintained his positionwhich shows resilience, but limited upward momentum.
Over the past week, BTC has registered a modest gain of 1.1%, while in the past 24 hours it has seen a slight decline of 0.4% and was trading at $95,463 at the time of writing.
The stagnation in Bitcoin’s price has prompted analysts to examine the underlying market dynamics.
A CryptoQuant analyst, Onatt, marked a notable trend in whale activity following the US presidential election, which saw Donald Trump win.
According to Onatt, there has been an increase in the volume of Bitcoin being transferred to exchanges from active whale addresses since November 5.
However, the adjusted SOPR metric, which measures profit-taking activity, does not yet indicate a significant sell-off.
Source: CryptoQuant
While the large Bitcoin inflows could indicate potential short-term selling pressure, the fact that these assets have not been sold suggests that they could be used for other purposes, such as over-the-counter transactions or collateral.
This cautious approach to whales reflects a ‘wait and see’ strategy, which emphasizes the need for vigilance in monitoring these movements for any market impact.
Key indicators to keep an eye on
Bitcoin’s trajectory can be better understood with its MVRV ratio and active addresses.
In particular, the MVRV ratio, a measure of market capitalization over realized capitalization, helps assess whether Bitcoin is overvalued or undervalued.
Source: CryptoQuant
An affair above 1 indicates profitability for most holders, while values of 3.7 indicate overvaluation. At the time of writing, Bitcoin’s MVRV ratio stood at 2.57, indicating moderate profitability.
While this level suggests that Bitcoin was not in an overbought zone, it highlighted the need to monitor the ratio for possible signs of market overheating or correction.
Also, Bitcoin’s active addresses, which serve as a proxy for network activity and retail interest, showed a steady increase in the number of active addresses since August 2024. facts from Glasnode.
Source: Glassnode
Read Bitcoin’s [BTC] Price forecast 2024–2025
Although the number of active addresses briefly dropped below 750,000 on December 1, they have risen again to above 900,000 at the time of writing.
This resurgence in active addresses indicated growing participation in the network, which could support price stability and potentially signal bullish momentum if sustained.