10x Research: South Korea's cryptocurrency trading volume drops from $25 billion to $6.7 billion, Bitcoin's key support level at $95,000

ChainCatcher news, 10x Research released an analysis stating that as the Christmas holiday approaches, the market environment has become more cautious, and the risk of expanding sideways consolidation has also increased. Retail trading volume has significantly decreased, with cryptocurrency trading volume in South Korea dropping from a peak of $25 billion to the current $6.7 billion.

Similarly, Binance's spot trading volume has fallen from $60 billion to $24 billion, indicating a loss of overall momentum. Given these trends, now is a wise time to reduce leverage, consolidate positions, and focus on high-conviction core assets.

Historically, when the Bitcoin price reaches 4 times its total cost basis (MVRV ratio), it typically triggers large-scale profit-taking, marking the peak of a bull market. Currently, the MVRV ratio is at 2.7 times, which we refer to as the "mid-cycle peak," during which many investors begin to consider taking profits.

For Bitcoin, the key support level is at $95,000. If it breaks above $100,000, this could be a strong buying opportunity, but if it falls below $95,000, traders should proceed with caution and carefully manage risk.