In a world where the shadows of despair loom large, Bitcoin has audaciously clocked a 7% gain over the past 24 hours. This feat is particularly remarkable given that all its valuation metrics are waving the white flag of bearishness, and the once-thriving US demand has recently taken a vacation.
“All Bitcoin valuation metrics indicate that we are in bearish territory,” lamented the onchain analytics platform CryptoQuant in a March 11 markets report, which was, of course, viewed by the ever-optimistic CryptoMoon. Ah, the irony! 📉
Demand falling at “fastest pace” since July
CryptoQuant, in its infinite wisdom, declared that its Bitcoin Bull-Bear Market Cycle Indicator is at its “most bearish level” of this cycle. Meanwhile, Bitcoin’s MVRV Ratio Z-score—a key metric to assess whether Bitcoin (BTC) is overvalued or undervalued—has crossed the 365-day moving average, signaling that the upward price trend has lost its pep. Who knew numbers could be so dramatic?
As of this very moment, Bitcoin is trading at $82,910, a glorious rise from a 24-hour low of $79,356, according to the ever-reliable CoinMarketCap data. 🤑
In a twist of fate, Bitcoin has spiked 7.5% over the past 24 hours, as the US market steadied itself on March 11 after a dramatic plunge the day before, triggered by none other than US President Donald Trump, who refused to rule out the possibility of a recession. Because who doesn’t love a good cliffhanger?
Much of Bitcoin’s newfound glory can be attributed to Senator Cynthia Lummis’ reintroduction of the BITCOIN Act, which proposes that the US government buy 1 million BTC over five years. A noble endeavor, indeed! 💼
Yet, amidst this chaos, some traders remain skeptical. Crypto analyst Bitcoin Rachy quipped in a March 11 X post, “Fake pump, right?” A sentiment echoed by crypto trader BitcoinHyper, who mused, “Every pump feels like the beginning. This is how the market takes your money.” Ah, the sweet taste of skepticism! 🍿
Meanwhile, CryptoQuant reported that Bitcoin’s demand fell by 103,000 BTC last week compared to the previous week, marking its fastest pace of contraction since July 2024. A round of applause for the dramatic exit! 👏
Bitcoin demand in “contradiction territory”
According to CryptoQuant, the decline in Bitcoin’s demand in the US can be attributed to the uncertainty surrounding US inflation rates and President Trump’s tariffs imposed on Feb. 1. On March 7, Federal Reserve chair Jerome Powell reiterated that he was in no hurry to adjust interest rates. Because why rush when you can watch the world burn?
“Bitcoin demand remains in contraction territory, whales have slowed down their Bitcoin accumulation, and spot ETFs in the US have turned into net sellers of Bitcoin,” the firm lamented. A real tragedy, isn’t it?
Bitcoin is still down 14% over the past month, and CryptoQuant assures us that this drawdown is not “unusual in terms of magnitude,” as similar corrections have occurred in past bull markets. History, it seems, loves to repeat itself.
However, a word of caution: if Bitcoin breaks its current support at the $75,000 to $78,000 price level, its next target could plummet to as low as $63,000—a level not seen since Oct. 14. The suspense is palpable!
Swan Bitcoin CEO Cory Klippsten recently told CryptoMoon that his forecast is that “there’s more than 50% chance we will see all-time highs before the end of June this year.” Bitcoin’s current all-time high of $109,000 was reached on Jan. 20. Will we witness a miraculous comeback? Only time will tell! ⏳
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2025-03-12 07:20