Will the price of bitcoin be crashed again?

Bitcoin (Btc) tapped $ 83,700 during the first time of Asia on March 12 after reaching a low $ 76,600 on March 11 amid little improvement in market sentiment.

The BTC/USD facing a decline from the $ 84,000 level raises questions about whether the BTC price may decrease in the next few days.

Demand for Bitcoin remains weak

Spot bitcoin exchange-traded funds (ETF) Outflows has played a major role in the BTC price collapse since late February, which is over $ 1.5 billion in the last two weeks.

Related: Why the price of bitcoin now?

Meanwhile, the apparent demand of Bitcoin remains low, indicating a decline in appetite from potential investors, according to Data From the Market Intelligence Firm Cryptoquant,

What to know:

• Bright demand is the difference between labor and inventory changes.

• Production refers to the release of BTC mining, while inventory refers to inactive supply for more than one year.

• Bright demand weakens if the production exceeds the inventory reduction.

• After a period of accelera Trump’s successBitcoin’s apparent demand dropped from 279,000 BTC from December 4 to 10,000 in February. 26.

• In Feb. 27, the scale has been negative for the first time since September 2024.

• It is currently standing at -93,700 BTC at the time of writing.

• If the trend continues, the price may sink lower, as happened in July 2024.

• The chart below shows that Bitcoin’s apparent demand was at similar levels on July 27, 2024, after which BTC price dropped by an additional 30% Up to $ 49,000 on August 5, 2024.

However, this measure does not always guarantee more downside in the future. For example, it was also negative in late May 2024 and late October 2024 before the price rare 7% and 73%, respectively.

Bitcoin appreciation measurements indicate in deeper correction

Data from Cointelegraph Markets Pro and Tradingview Show Bitcoin price trading 7% above the four months less than $ 76,600 reached on March 12.

Despite this rebound, many metrics of appreciation are still leaning, suggesting a deeper correction is possible, according to the cryptoquant.

• The Bitcoin Bull-Bear Market cycle indicator is at the “most-bearish level” of this cycle.

• The bull/bear market cycle indicator is a momentum measure that measures the difference between the P&L index and the average transfer of this 365-day.

• The values ​​above 0 show that the BTC is in a bull market, while the values ​​below 0 indicate a bear market.

• The current value of -0.067 has been at the lowest level since May 2023, when the price of Bitcoin began with a prolonged recovery.

• Meanwhile.

• The MVRV Ratio Z-Score is a major measure used to assess whether bitcoin is extremely appreciated or not measured.

“Historically, the scale of appreciation at these levels has signed either a sharp correction or start of a bear market.”

Bitcoin Bear Flag price indicates $ 68,400

From a technical point of view, BTC prices trade within a bearish continuation pattern indicating a potential correction ahead.

Basic Points:

• The BTC is trading within a Bear flag Pattern, which indicates the possibility of greater downside if the basic support levels do not hold.

• The bear flag built after Bitcoin dropped from $ 92,000 to a local low $ 76,600 between March 6 and 11.

• Integration -Included inside the bear flag is trading with BTC on an upward parallel channel, with a drop test at critical support levels, including the lower flag border to $ 82,000.

• A breakdown of this level can trigger another price crashing.

• The target downside of the bear of the bear, which came from the height of the previous collapse, was approximately $ 68,400, representing a 17% fall from the current price.

Meanwhile, cryptoquant analysts, say that if the current support zone between $ 75,000 and $ 78,000 does not hold, Bitcoin may be less than $ 63,000.

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.