Bitcoin price is heading towards a correction according to Glassnode – BLOX

According to Glassnode, the most popular on-chain analytics platform, the current situation of the Bitcoin market indicates an increasing level of risk. The analysis shows an increased risk of increased selling pressure. This is because investors see an increased incentive to lock in their dividends at this time. Glassnode's Net Unrealized Profit/Loss (NUPL) indicator also indicates that Bitcoin is in a state of euphoria, indicating a risky market.

Bitcoin is at risk level

According to GShare Lasnode At X, Bitcoin has been indicating significant risk levels for 12 days. Indicators such as market value to realized value (MVRV) and Meyer's multiplier (MM) indicate a risky situation. The Offer Profitability Status Index, which currently stands at 93.3%, indicates that the Bitcoin market is in a “high-risk situation.” This indicator measures the percentage of coins costing less than the current spot price, indicating a potential risk of increased selling pressure.

More risk indicators

Glassnode also highlights the broad risks in the Bitcoin market using the Net Unrealized Profit/Loss (NUPL) indicator, which measures market sentiment. This indicator is currently still indicating the euphoria phase, which therefore indicates a risky market. Other indicators, such as Realized Profit/Loss (RPLR), Long-Term Holder MVRV (LTH-MVRV), and Long-Term Holder Expenditure (7D) binary indicator, support the idea that Bitcoin is in a risk phase and may face a correction.