Bitcoin holders who were initially in a loss have found some relief as the 30-day MVRV climbs back above zero.
In the past 48 hours, the liquidation of Bitcoin has remained below $50 million. BTC has managed to hold steady within the $60,000 price range. However, over the past week, Bitcoin’s price saw a significant drop, slipping below the $60,000 mark.
This downward trend led to a surge in both short and long liquidations, resulting in the wiping out of some positions. Nevertheless, there seems to be a recent balance between price movements and liquidations, indicating a stabilization in the market.
Decline in Bitcoin liquidations
An analysis of the Bitcoin liquidation chart on Coinglass by AMBCrypto revealed a spike in liquidations on April 30th and May 1st.
On April 30th, the liquidation volume surpassed $113 million, with long positions accounting for over $95 million. This trend continued into May 1st, with the liquidation volume still remaining high.
However, as the price of BTC bounced back and reclaimed the $60,000 range, the liquidation volume started to decline. Since May 2nd, the liquidation volume has only exceeded $50 million once. The latest data indicates a liquidation volume of around $10 million at the time of writing.
Bitcoin maintains its position above $60,000
AMBCrypto’s analysis of Bitcoin’s price trend on the daily timeframe chart showed a significant recovery following the declines on April 30th and May 1st, during which it experienced an 8% loss over 48 hours.
Consecutive uptrends were observed starting from May 2nd, with a notable increase of over 6% seen on May 3rd. By the end of trading on May 4th, Bitcoin had risen by over 1%, reaching approximately $63,900.
As of now, it is trading with a slight decrease of less than 1%, but it is still holding within the $63,000 price range. Despite this rebound, its short moving average (yellow line) continues to act as resistance at around $66,000.
Strained profits for 30-day holders
Bitcoin’s 30-day Market Value Realized Value ratio (MVRV) showed that holders experienced a period of being in the red for much of April. The chart revealed that BTC remained below zero, reaching its lowest point in months at -9.71%.
However, at the time of analysis, the MVRV has slightly risen above zero, hovering around 0.026%. This suggests that holders within this timeframe are now making profits, likely due to the recent slight increase in BTC’s price.
