{"id":553501,"date":"2023-09-29T14:00:30","date_gmt":"2023-09-29T14:00:30","guid":{"rendered":"https:\/\/uniquehot.com\/?p=553501"},"modified":"2024-06-11T08:12:12","modified_gmt":"2024-06-11T08:12:12","slug":"bitcoin-surge-27000-not-last-heres-why","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-surge-27000-not-last-heres-why\/","title":{"rendered":"Bitcoin Surge Above $27,000 May Not Last, Here’s Why"},"content":{"rendered":"

Bitcoin has broken back above the $27,000 level during the past day, but if on-chain data is to go by, this surge may not last for long.<\/p>\n

Bitcoin Investors Are Taking Profits At Highest Rate In 3 Months<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, there is a chance that a short-term correction could happen for the cryptocurrency. The relevant metric here is the “ratio of daily on-chain transaction volume in profit to loss<\/a>,” which, as its name suggests, tells us about how the profit-taking volume compares against the loss-taking volume on the Bitcoin network right now.<\/p>\n

This indicator works by going through the transaction history of each coin being sold\/transferred on the blockchain to see what price it was moved at before. If this previous selling price for any coin was less than the current spot price, then that coin is being sold at a profit right now.<\/p>\n

Related Reading: Bitcoin Bearish Signal: Long-Term Holders Deposit To Exchanges<\/a><\/div>\n

The sale of all such tokens would contribute toward the Bitcoin profit-taking volume, while coins of the opposite type would add towards the loss-taking volume.<\/p>\n

Now, here is a chart that shows the trend in this BTC metric over the past few months:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been quite high in recent days | Source: Santiment on X<\/a><\/pre>\n
As displayed in the above graph, this Bitcoin indicator has observed a large spike as the cryptocurrency’s price itself has seen a surge beyond the $27,000 mark and has reached a value of 2.51.<\/p>\n
When the metric has a value greater than zero, it means that the profit-taking volume is more than the loss-taking volume. On the other hand, values under this threshold suggest the dominance of loss-taking.<\/p>\n
At the current value of 2.51, the profit-taking volume outweighs the loss-taking one by 3.51 to 1. This disparity between these two volumes is the highest it has been since around three months ago.<\/p>\n
Historically, intense profit-taking has usually resulted in at least a short-term top for Bitcoin, so it’s possible that the current values of the metric would also result in a correction for the price.<\/p>\n
In the chart, Santiment has also attached the data for the “Market Value to Realized Value (MVRV) ratio<\/a>,” which keeps track of the difference between the Bitcoin market cap and realized cap<\/a>.<\/p>\n
The latter of these is basically a measure of the total amount of capital that the investors as a whole have put into the cryptocurrency, so this metric tells us how the value that the holders are carrying currently compares with their total investment.<\/p>\n
Related Reading: Research Firm Reveals Its \u201cAltcoin Trading Playbook\u201d<\/a><\/div>\n
From the graph, it’s visible that the 7-day Bitcoin MVRV ratio has turned notably positive with this rise, which implies that the investors are carrying profits at the moment.<\/p>\n
The analytics firm notes that this metric going back below zero would be ideal for the next leg up, as the holders being in loss would lead to an exhaustion of the profit-sellers.<\/p>\n
BTC Price<\/h2>\n
So far, despite the aggressive profit-taking happening in the market, Bitcoin has managed to hold above the $27,000 mark.<\/p>\n
\"Bitcoin<\/p>\n
BTC has observed a strong surge in the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has broken back above the $27,000 level during the past day, but if on-chain data is to go by, this surge may not last for long. Bitcoin Investors Are Taking Profits At Highest Rate In 3 Months According to data from the on-chain analytics firm Santiment, there is a chance that a short-term correction could happen for the cryptocurrency. The relevant metric here is the “ratio of daily on-chain transaction volume in profit to loss,” which, as its name suggests, tells us about how the profit-taking volume compares against the loss-taking volume on the Bitcoin network right now. This indicator works by going through the transaction history of each coin being sold\/transferred on the blockchain to see what price it was moved at before. If this previous selling price for any coin was less than the current spot price, then that coin is being sold at a profit right now. Related Reading: Bitcoin Bearish Signal: Long-Term Holders Deposit To Exchanges The sale of all such tokens would contribute toward the Bitcoin profit-taking volume, while coins of the opposite type would add towards the loss-taking volume. Now, here is a chart that shows the trend in this BTC metric over the past few months: The value of the metric seems to have been quite high in recent days | Source: Santiment on X As displayed in the above graph, this Bitcoin indicator has observed a large spike as the cryptocurrency’s price itself has seen a surge beyond the $27,000 mark and has reached a value of 2.51. When the metric has a value greater than zero, it means that the profit-taking volume is more than the loss-taking volume. On the other hand, values under this threshold suggest the dominance of loss-taking. At the current value of 2.51, the profit-taking volume outweighs the loss-taking one by 3.51 to 1. This disparity between these two volumes is the highest it has been since around three months ago. Historically, intense profit-taking has usually resulted in at least a short-term top for Bitcoin, so it’s possible that the current values of the metric would also result in a correction for the price. In the chart, Santiment has also attached the data for the “Market Value to Realized Value (MVRV) ratio,” which keeps track of the difference between the Bitcoin market cap and realized cap. The latter of these is basically a measure of the total amount of capital that the investors as a whole have put into the cryptocurrency, so this metric tells us how the value that the holders are carrying currently compares with their total investment. Related Reading: Research Firm Reveals Its \u201cAltcoin Trading Playbook\u201d From the graph, it’s visible that the 7-day Bitcoin MVRV ratio has turned notably positive with this rise, which implies that the investors are carrying profits at the moment. The analytics firm notes that this metric going back below zero would be ideal for the next leg up, as the holders being in loss would lead to an exhaustion of the profit-sellers. BTC Price So far, despite the aggressive profit-taking happening in the market, Bitcoin has managed to hold above the $27,000 mark. BTC has observed a strong surge in the past day | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":553522,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84723,85496,6481,89523,1119,1144],"class_list":["post-553501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-mvrv","tag-bitcoin-profit-taking","tag-bitcoin-rally","tag-bitcoin-surge","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Surge Above $27,000 May Not Last, Here's Why<\/title>\n<meta name=\"description\" content=\"Bitcoin has broken back above the $27,000 level during the past day, but if on-chain data is to go by, this surge may not last for long.\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Surge Above $27,000 May Not Last, Here’s Why","url":"http:\/\/uniquehot.com\/news\/bitcoin-surge-27000-not-last-heres-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-surge-27000-not-last-heres-why\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/shutterstock_1165586542.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/shutterstock_1165586542.jpg?fit=4000%2C2670"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin mvrv","bitcoin profit-taking","bitcoin rally","bitcoin surge","btc","btcusd"],"dateCreated":"2023-09-29T14:00:30Z","datePublished":"2023-09-29T14:00:30Z","dateModified":"2024-06-11T08:12:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Surge Above $27,000 May Not Last, Here’s Why\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-surge-27000-not-last-heres-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-surge-27000-not-last-heres-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/shutterstock_1165586542.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/shutterstock_1165586542.jpg?fit=4000%2C2670\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin mvrv\",\"bitcoin profit-taking\",\"bitcoin rally\",\"bitcoin surge\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-09-29T14:00:30Z\",\"datePublished\":\"2023-09-29T14:00:30Z\",\"dateModified\":\"2024-06-11T08:12:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/shutterstock_1165586542.jpg?fit=4000%2C2670","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/553501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=553501"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/553501\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/553522"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=553501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=553501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=553501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}