Bitcoin has clocked a 7% gain in the past 24 hours despite all the metrics of appreciation that the US has relied on and recently demanded.
“All the scale of appreciation for Bitcoin suggests that we are in the Bearish territory,” the Onchain Analytics platform said Cryptoquant in a March 11 market report viewed by Cointelegraph.
Demand Falling to the “Fastest Walk Pay” since July
Cryptoquant said the Bitcoin Bull-Bear Market cycle indicator is at the “most-bearish level ‘of this cycle, and the MVRV ratio of the Bitcoin Z-Score-a basic metric to assess whether Bitcoin (Btc) is extremely appreciated or not measured-has crossed the 365-day transfer of average, “indicating that the upward price trend has lost the momentum.”
At the time of publication, Bitcoin traded at $ 82,910, from a 24 -hour less than $ 79,356, According to In CoinMarketCap data.
The Bitcoin cycle cycle cycle of the cryptoquant cycle is in this “most-bearish level” cycle. Source: cryptoquant
Bitcoin has spun 7.5% over the past 24 hours while the US market is stead rule are on the cards.
Most of Bitcoin’s acquisitions follow Senator Cynthia Lummis’ Re -doing The Bitcoin Act, which suggests that the US government has bought 1 million BTC in five years.
Bitcoin trades at $ 82,910 at the time of publication. Source: CoinMarketCap
However, some merchants are not convinced that the downtrend is over.
Crypto analyst Bitcoin Rachy Says In a post of March 11 X, “Fake pump, right?” Similarly, the Bitcoinhyper crypto trader Says In an X post, “Every pump felt like the beginning. It’s how the market takes your money.”
Meanwhile, Cryptoquant said Bitcoin’s demand fell 103,000 BTC last week compared to last week, “marking the fastest speed of backwards since July 2024.”
Bitcoin demand in “Territory of Contradiction”
Cryptoquant said the cause of Bitcoin’s recent demand in the US was due to uncertainty around US inflation rates and US President Donald Trump imposed on February 1. On March 7, Federal Reserve Chair Jerome Powell said he was There is no rush to adjust interest rates.
“The demand of Bitcoin remains in the territory of the retreat, the whales slowed down their accumulation in Bitcoin, and the ETF spots in the US became the net selling bitcoin,” the company said.
Related: 4 signs that $ 76.7k bitcoin is probably the ultimate low
Bitcoin still dropped 14% last month, and the cryptoquant said the drawdown was not “uncommon in terms of magnitude, such as similar corrections that occurred in previous bull markets.”
However, it warns if Bitcoin is destroying its current support at $ 75,000 to $ 78,000 price levels, the next target can be less than $ 63,000, a level invisible since October 14th.
SWAN BITCOIN CEO Cory Klippsten recently told Cointelegraph His forecast is that “there is more than 50% chance we will see all the time high before the end of June this year.” Bitcoin’s current all-time high $ 109,000 was reached on January 20.
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This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
