Research Analysis "Correction Likely if BTC Reaches $48,500

South Korean crypto research firm CryptoQuant contributor MAC_D writes: "If BTC rises to $48,500, the ratio of 1-day to 1-week holders to total BTC holders may exceed 8%. This is a sign that the market is overheating and could increase the likelihood of a correction. $48,500 is the average purchase price of 2-3 year BTC holders and could be a key resistance level. "Historically, BTC has dropped an average of 20-30% after a major rally. Key support levels are currently at $30,000 and $34,000. The average buy price for 1-week to 3-month and 18-month to 2-year BTC holders is $34,000, and for 3-12-month BTC holders is $30,000."

Meanwhile, around 9:30 am ET, there was a small correction to 46.3K, which caused whales with long ETH/BTC positions to liquidate as their loan health index fell below 1. The 3,870.79 ETH collateral was liquidated and the 183 WBTC loan was repaid. The whale currently has a loan health index of 1.01 and remains at risk of liquidation.