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Bitcoin fell below $80,000 yesterday to $76,600 for the first time since November. While it closed at nearly $83,000 yesterday, it has corrected more than 22% from its all-time high of $109,000 on January 20. Market Analysis This correction is nothing new during a bull run. Nonetheless, the development of the 22% slant cited in this cycle may be different from previous ones.
The analysis concludes that Bitcoin’s short-term dump below $80,000 has now placed it in bearish territory. Notably, other indicators support this disposition, as highlighted by the Bull Market Cycle (BBMC) indicator, as well as the Market Value to Realized Value (MVRV) ratio.
From its March 2024 peak, the pioneering cryptocurrency corrected a staggering 32% at around $73,000 to $50,000 in August 2024, according to the analysis.
Furthermore, the MVRV ratio z-score dropped below its 365-day moving average, which indicates a complete loss of bullish momentum. This valuation metric drift often indicates a massive decline or the start of a bear market. To add to the bearish development, investors have recently pulled a broad swath of money out of U.S. spot exchange-traded funds (ETFs). With a net outflow of $371 million yesterday, the investment vehicle recorded its seventh consecutive day of negative flows and 15th in the past 16 days. On March 11, the Bitcoin Spots ETF had a total net outflow of $371 million, while the Ethereum Spots ETF had a total net outflow of $21.57 million.
Bitcoin may not hold up if levels between $78,000 and $75,000 are in a potential 23% crash from its current valuation. Notably, this area is slightly below the lower band of traders’ on-chain realized prices, which has historically served as a buffer to lower prices during strong bull corrections. At the same time, the analysis argues that a crash to $70,000 is normal during bull cycles and the market could still recover from such a drop.
BTCUSDT BTCUSDT.P BTCUSD BTCUSD BTCUSD BTCUSD
Bitcoin fell below $80,000 yesterday to $76,600 for the first time since November. While it closed at nearly $83,000 yesterday, it has corrected more than 22% from its all-time high of $109,000 on January 20. Market Analysis This correction is nothing new during a bull run. Nonetheless, the development of the 22% slant cited in this cycle may be different from previous ones.
The analysis concludes that Bitcoin’s short-term dump below $80,000 has now placed it in bearish territory. Notably, other indicators support this disposition, as highlighted by the Bull Market Cycle (BBMC) indicator, as well as the Market Value to Realized Value (MVRV) ratio.
From its March 2024 peak, the pioneering cryptocurrency corrected a staggering 32% at around $73,000 to $50,000 in August 2024, according to the analysis.
Furthermore, the MVRV ratio z-score dropped below its 365-day moving average, which indicates a complete loss of bullish momentum. This valuation metric drift often indicates a massive decline or the start of a bear market. To add to the bearish development, investors have recently pulled a broad swath of money out of U.S. spot exchange-traded funds (ETFs). With a net outflow of $371 million yesterday, the investment vehicle recorded its seventh consecutive day of negative flows and 15th in the past 16 days. On March 11, the Bitcoin Spots ETF had a total net outflow of $371 million, while the Ethereum Spots ETF had a total net outflow of $21.57 million.
Bitcoin may not hold up if levels between $78,000 and $75,000 are in a potential 23% crash from its current valuation. Notably, this area is slightly below the lower band of traders’ on-chain realized prices, which has historically served as a buffer to lower prices during strong bull corrections. At the same time, the analysis argues that a crash to $70,000 is normal during bull cycles and the market could still recover from such a drop.
BTCUSDT BTCUSDT.P BTCUSD BTCUSD BTCUSD BTCUSD 
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This account has been restricted from publishing. Traders who continue to follow my signals and make profits can click 👉 to leave me a message. Telegram: t.me/BeckLedley
Channel: t.me/FcCygjylf
Channel entrance:t.me/FcCygjylf
Channel: t.me/FcCygjylf
Channel entrance:t.me/FcCygjylf
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.