Over the past few days, BTC’s price has been moving in a sideways, volatile range. After a period of fluctuating within the range, forced liquidations have been triggered on both long and short positions. However, long positions are now the dominant side, with maximum pain around the $61,000 price mark. Meanwhile, short positions are concentrated near the $75,000 level.
Capital is being stored in the BTC NetworkSimply put, the metric calculates the ratio of the amount of capital held in the network to its active utilization. Typically, when the RVT rises, it implies that coins are circulating less on-chain, more capital is being held rather than transacted, and network activity is becoming weaker relative to the stored value.
At the time of writing, Bitcoin was trading at $71,518 as its price experienced a nearly 3% bounce over the last 24 hours. Its trading volume has also witnessed a bounce, recording more than 7% upswing within the same time frame.
