Bitcoin (Btc) Price dropped from $ 87,241 to $ 81,331 between March 28 and March 31, deleted acquisitions from the past 17 days. The 6.8% correction was a liquid of $ 230 million in BTC futures positions and largely complied with the denial of momentum in the US stock market, as the S&P 500 futures had fallen to their lowest level since March 14th.
Despite the difficulty of holding more than $ 82,000 on March 31, four key indicators point to the investor’s strong confidence and potential signs of Bitcoin’s collapse from traditional markets in the near future.
S&P 500 index futures (left) compared to Bitcoin/USD (right). Source: TradingView / Cointelegraph
Entrepreneurs are afraid of the impact of the global trade war on economic growth, especially after the announcement of March 26 a 25% US tariff on foreign vehicles. According to Yahoo News, Goldman Sachs Strategists Cutuk The target end of the S&P 500 of the firm for the second time, it lowered from 6,200 to 5,700. Similarly, Barclays analysts reduced their forecasts from 6,600 to 5,900.
Regardless of the factors behind the higher investors, gold advanced to a record high of $ 3,100 on March 31. The $ 21 trillion owner was widely considered the ultimate hedge, especially if entrepreneurs were prioritizing cash successors. Meanwhile, the US dollar is weakened Against a basket of foreign currencies, with a DXY index dropping to 104.10 from 107.60 in February.
Bitcoin metrics show strength, while long -term investors are not guilty
Bitcoin’s narratives of being “Digital Gold“And an” unspecified property “was in question, despite a 36% gain within 6 months as the S&P 500 index fell 3.5% at the same time. Many Bitcoin’s metrics continued to show strength, indicating that long-term investors remain disagreeing with temporary correlation as a central pivot pivot in expanding steps to prevent an economic crisis.
Bitcoin’s mining hashrate, which measures the power of computing behind the network block authentication mechanism, reached a high time.
Bitcoin mining estimates 7-day average hashrate, th/s. Source: blockchain.com
The 7-day hashrate reached a peak of 856.2 million tehashes per second on March 28, from 798.8 million in February. Therefore, there are no signs of panic selling from miners, as showed by the flow of well -known creatures in exchanges.
Previously, BTC price collapse was associated with FUD periods regarding the “death spiral,” where Forced to sell miners When it becomes unprofitable. In addition, the 7-day average of net transfers from miners to exchange on March 30 stood at BTC 125, according to glassnode data, less than BTC 450 mined per day.
Bitcoin 7-day average net transfer volume from/to miners, BTC. Source: Glassnode
Bitcoin Miner Mara Holdings filed a prospectus on March 28 to Sell up to $ 2 billion in stocks to expand BTC reserves and for “general corporate goals.” This step follows Gamestop (GME), the company listed in the US, who has filed a $ 1.3 billion convertible debt Offered a plan on March 26 while updating the reserve investment strategy to integrate the potential acquisition of Bitcoin and Stablecoin.
Related: Trump sons back new bitcoin mining venture with hut 8
Crypto exchange reserves decrease
Cryptocurrency reserves dropped to their lowest levels more than 6 years on March 30, reaching BTC 2.64 million, according to glassnode data. The reduced number of coins available for immediate trading usually suggests that investors are more inclined to handle, which is particularly significant as the price of Bitcoin refuses 5.1% in 7 days.
Finally, near-zero net outflows in US spot bitcoin exchange-traded funds (ETF) between March 27 and March 28 signals confidence from institutional investors.
In short, Bitcoin investors remain confident due to record-high mining hashrates, corporate adoption, and 6-year low reserves, indicating long-term handling.
This article is for general information purposes and is not intended to be and should not be done as legal or investment advice. The views, attitudes, and opinions expressed here are unique and do not necessarily reflect or represent the views and opinions of the cointelegraph.
