Amid the general market decline, 97,602 traders have liquidated in the past 24 hours, with the combined liquidation value reaching $274.73 million. The leading coin, Bitcoin (BTC), has extended its decline, slipping by 1%, while its trading volume plummeted by 20% during the same period.<\/strong><\/p>\n Interestingly, a key on-chain metric has flashed a buy signal, suggesting an opportunity for BTC contrarian traders. However, caution is advised, as the market still faces potential downside risks.<\/p>\n Bitcoin\u2019s market value to realized value (MVRV) ratio<\/a>, which measures the overall profitability of all its holders, is the on-chain metric of interest here. As of this writing, the coin\u2019s 30-day and 90-day MVRV ratios are -0.89 and -1.48, respectively.\u00a0<\/p>\n Generally, a negative MVRV indicates that the current market price is below the average price at which most investors acquired the asset. Therefore, if all holders were to sell their coins at the current market price, they would collectively realize a loss.\u00a0<\/p>\n However, the metric also offers some respite. Historically, negative MVRV ratios represent a buying signal. They indicate that the market is oversold, and a potential buying opportunity could exist. A negative MVRV shows that the asset is being traded below its historical acquisition cost and may be due for a rebound.<\/p>\n Read more:\u00a0Top 7 Platforms To Earn Bitcoin Sign-Up Bonuses in 2024<\/a><\/strong><\/p>\n Some traders are already heeding the buy signal and have begun to accumulate the leading coin. Recently, there has been an unprecedented surge in new whale activity, marking levels of involvement never seen before.<\/p>\n \u201c Look at how fiercely the new whales are stacking Bitcoin; this market has never seen such accumulation,\u201d Ki Young Ju, CryptoQuant\u2019s founder, said in a post<\/a> on X.\u00a0<\/p>\n<\/blockquote>\n While this buy signal may encourage some traders to increase their BTC holdings, it\u2019s important to note that the risk of further decline remains. The market\u2019s buying pressure continues its downward trend, as reflected in BTC\u2019s falling Relative Strength Index (RSI),<\/a> which currently stands at 44.88.<\/p>\n The RSI is a key indicator of overbought or oversold market conditions. At its current level of 44.88, selling activity outweighs buying pressure among BTC holders. <\/p>\n Should selling pressure intensify, Bitcoin could approach the critical support level at $58,518. A failure by bulls to defend this price may trigger a further drop, with the next support target at $54,899. <\/p>\n Read more:\u00a0Bitcoin (BTC) Price Prediction 2024\/2025\/2030<\/a><\/strong><\/p>\n However, if market sentiment shifts from bearish to bullish, Bitcoin may reverse its trajectory, invalidating the bearish outlook. In this case, BTC could rally toward $64,367<\/a> in the near term.<\/p>\n Disclaimer<\/p>\n In line with the Trust Project<\/a> guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our\u00a0Terms and Conditions<\/a>,\u00a0Privacy Policy<\/a>, and\u00a0Disclaimers<\/a>\u00a0have been updated.<\/p>\n<\/div><\/div>\nBitcoin Flashes Buy Signal<\/strong><\/h2>\n
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BTC Price Prediction:<\/strong> Key Support Levels to Hold<\/h2>\n
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