Bitcoin Hovers Near $84,000 Amidst Market Correction Signals

Bitcoin is currently trading around $84,596, a 0.1% decrease in the last 24 hours. Despite broader market interest, BTC remains approximately 22% below its all-time high of over $109,000 earlier this year. (Source: CryptoQuant, Date: Today) CryptoQuant analyst Crypto Dan compared Bitcoin's current behavior to past correction cycles. Dan's analysis suggests that the recent cooling-off period might mirror patterns observed during last year's correction phase. (Source: CryptoQuant, Date: Today) According to Dan, the percentage of Bitcoin supply held for one week to one month is a reliable gauge of market overheating. CryptoQuant contributor Mignolet observed that around 170,000 BTC recently moved from the 3-6 month holding cohort. (Source: CryptoQuant, Date: Today) Mignolet highlighted that the increased activity is an early warning sign that traders should be alert for a breakout or breakdown in the near future.