Bitcoin has fallen to $93,000 after nearly hitting the $100,000 mark as long-term holders take profits. Data shows that these holders switched from accumulating to selling in late September, after months of declining market supply and rising prices. The market value to realized value ratio (MVRV) is now in the ‘euphoria zone’, indicating an overheated market. Historically, this has preceded sharp corrections. Bitcoin recently rose to $98,200 on November 21, fueled by the US elections and April’s halving. However, increasing selling pressure and increased speculative activity indicate that the market may soon experience further pullbacks.
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