- Selling pressure on Bitcoin was rising.
- A price correction can push BTC ($86,014.00) down to $95.8k again.
After crossing a historic $100k mark, Bitcoin [BTC] witnessed a pullback and dropped near the $98k range. Slowly, the king coin was again approaching the triple digit mark.
However, BTC has to face a few obstacles going forward, which can trigger a price correction.
Bitcoin inches towards $100k again, but…
Bitcoin price consolidated in the last 24 hours as its price moved marginally. At the time of writing, the king was trading at $99.6k with a market capitalization of over $1.97 trillion.
However, this slow approach to $100k might not be a successful attempt as a key metric was rising.
IntoTheBlock, a data analytics platform, recently posted a tweet highlight BTC’s MVRV ratio. As per the tweet, Bitcoin’s MVRV was moving closer to historic peak levels.
Generally, when MVRV rises, it is often followed by price corrections.
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