Bitcoin has saved 7% in the last 24 hours despite all its evaluation measures, Bearish and the United States are asking for recently.
“All Bitcoin evaluation measures indicate that we are in lower territory,” said cryptocurrency, the onchain Analytics platform, in a market on the March 11 markets, seen by Cintelelegraph.
The demand has been “fastest pace” since July
Cryptochant declared that its Bitcoin Bull -Bear market cycle indicator is at its “most lower” level of this cycle, and the Bitcoin MVRV ratio – a key metric to assess if Bitcoin (BTC) is overvalued or undervalued – has crossed the 365 -day mobile average, “indicating that the trend has lost the time”.
At the time of publication, Bitcoin is negotiated at $ 82,910, against a 24 -hour hollow of $ 79,56, according to CoinmarketCap data.
The Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin market indicator is at its “lowest level” this cycle. Source: cryptocurrency
Bitcoin has increased by 7.5% in the past 24 hours while the American market has placed itself on March 11 after diving a day earlier after US President Donald Trump refused to exclude that a recession was on cards.
Most Bitcoin gains have followed the reintroduction by senator Cynthia Lummis of the Bitcoin law, which proposes that the United States government buy 1 million BTC over five years.
Bitcoin is traded at $ 82,910 at the time of publication. Source: Coinmarketcap
However, some traders are not convinced that the downward trend is over.
Crypto analyst Bitcoin Rachy said in a post on March 11, “Fake Pump, right?” Likewise, Crypto Trader Bitcoinhyper said in a post X: “Each pump looks like at the beginning. This is how the market takes your money. »»
Meanwhile, cryptocurrency said that the Bitcoin request fell by 103,000 BTC last week compared to the previous week, “marking his fastest rhythm of contraction since July 2024.”
Bitcoin request in “contradiction territory”
Cryptocurrency said the reason for the drop in Bitcoin demand in the United States recently was due to uncertainty about American inflation rates and the prices imposed by US President Donald Trump on February 1. On March 7, the president of the federal reserve Jerome Powell reiterated that he was not in a hurry to adjust interest rates.
“The Bitcoin demand remains in the contraction territory, the whales have slowed their accumulation of bitcoin and the FNB to spot in the United States have transformed into net bitcoin sellers,” said the firm.
In relation: 4 signs that $ 76.7,000 Bitcoin is probably the ultimate bottom
Bitcoin is still down 14% in last month, and cryptocurrency says that withdrawal is not “unusual in terms of magnitude, because similar corrections have occurred in the previous bull markets”.
However, he warned that Bitcoin who breaks his current price support from $ 75,000 to $ 78,000, his next target could reach $ 63,000, a level not seen since October 14.
The CEO of Swan Bitcoin, Cory Klippsten, recently told Cointtelegraph that his forecasts are that there were more than 50% chance that we will see heights of all time before the end of June this year. “The current Bitcoin level of $ 109,000 was reached on January 20.
Review: The sandbox Sébastien Borget creates the word “influencer”: x Hall of Flame
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
