Before a small-scale correction began in the Bitcoin price, four developments in the market attracted attention.
According to CoinGecko data, Bitcoin lost 3% in value in the last 24 hours and is trading at approximately $42,300.
According to CryptoQuant’s analysis, before Bitcoin goes down The supply rate of stablecoins reached the highest level in the last 2 years output. An increase in this rate indicates that Bitcoin is thought to be more valuable than stablecoins.
Also, the mining pool Mara Pool, for a while After accumulating more than 5,000 started to take a “strategic measure” by distributing more Bitcoin.
Thanks to the price increase in a few weeks total more than 50% of Bitcoins in circulation became profitable. Historically, whenever these levels are reached, there is a temporary peak in the price of Bitcoin.
In addition, according to blockchain analysts, there is still resistance in the market from long-term investors. According to the article shared on CryptoQuant, the price of Bitcoin is still below the purchase price of some investors.