The largest digital asset saw a decline of almost 5% in just over an hour, going from $43,800 to an intraday low of $41,780 during the Asian trading session on Monday, December 11. At the time of writing, BTC was trading around $26,800 back then.
“After its eight consecutive green weeks, Bitcoin is finally taking a breather,” observed the macroeconomics outlet
Kobeissi Letter.
After its eighth consecutive green week, Bitcoin is finally taking a breather.
Interestingly, the drop also comes at a time of low volume and liquidity.
We have seen great similar...
pic.twitter.com/CGcHvaEWcp
- Kobeissi's letter (@KobeissiLetter) December 11, 2023
Bitcoin price drop
On December 11, the cryptanalysis company
CryptoQuant asked what data had changed before the price correction of
ВТС.
The stablecoin supply ratio (SSR) has hit a two-year high, it reported. This means that "Bitcoin is perceived to have a higher value compared to stablecoins, demonstrating that market participants are placing a higher value on
"Bitcoin".
There is more than 50% of the circulating supply with profits. This metric has previously signaled the distribution “to either a local high or a major high for BTC,” he noted.
"Despite overall bullish sentiment, a significant subset remains underwater" in long-term holder resistance, he reported.
Additionally, this week is a big macroeconomic week with several central banks, including the Federal Reserve, announcing interest rate decisions. Derivatives platform Greeks Live commented:
"Now that most forecast data does not support any rate hikes, all major asset classes are adjusting their prices for the imminent end of the rate hike cycle."#btc$BTC
“After its eight consecutive green weeks, Bitcoin is finally taking a breather,” observed the macroeconomics outlet
Kobeissi Letter.
After its eighth consecutive green week, Bitcoin is finally taking a breather.
Interestingly, the drop also comes at a time of low volume and liquidity.
We have seen great similar...
pic.twitter.com/CGcHvaEWcp
- Kobeissi's letter (@KobeissiLetter) December 11, 2023
Bitcoin price drop
On December 11, the cryptanalysis company
CryptoQuant asked what data had changed before the price correction of
ВТС.
The stablecoin supply ratio (SSR) has hit a two-year high, it reported. This means that "Bitcoin is perceived to have a higher value compared to stablecoins, demonstrating that market participants are placing a higher value on
"Bitcoin".
There is more than 50% of the circulating supply with profits. This metric has previously signaled the distribution “to either a local high or a major high for BTC,” he noted.
"Despite overall bullish sentiment, a significant subset remains underwater" in long-term holder resistance, he reported.
Additionally, this week is a big macroeconomic week with several central banks, including the Federal Reserve, announcing interest rate decisions. Derivatives platform Greeks Live commented:
"Now that most forecast data does not support any rate hikes, all major asset classes are adjusting their prices for the imminent end of the rate hike cycle."#btc$BTC