Profit-taking activities among short-term Bitcoin holders are influencing the cryptocurrency's price movement today. After a notable rally that saw Bitcoin gain 19% since January 13, many investors are opting to lock in profits, resulting in a slight pullback. The 7-day MVRV indicator suggests this behavior is typical among short-term investors, as it hovers around the danger zone. Additionally, the launch of a Trump-themed memecoin has added some confusion to the market, although it hasn't directly impacted Bitcoin's price. The memecoin's issuance on the Solana network has shifted some sentiment away from Ethereum, but Bitcoin's price action remains primarily driven by internal market dynamics.
The Proshares Ultra Bitcoin ETF (BITU) is currently priced at $61.46 as of 07:20 AM on Saturday, January 18.