Bitcoin has clocked a 7% gain over the past 24 hours despite all of its valuation metrics leaning bearish and US demand recently waning off.“All Bitcoin valuation metrics indicate that we are in bearish territory,” onchain analytics platform CryptoQuant said in a March 11 markets report viewed by Cointelegraph. Demand falling at “fastest pace” since JulyCryptoQuant said its Bitcoin Bull-Bear Market Cycle Indicator is at its “most bearish level’ of this cycle, and 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, “indicating that the upward price trend has lost momentum.”At the time of publication, Bitcoin is trading at $82,910, up from a 24-hour low of $79,356, according to CoinMarketCap data. CryptoQuant’s Bitcoin Bull-Bear Market Cycle Indicator is at its “most bearish level” this cycle.
On March 7, Federal Reserve chair Jerome Powell reiterated that he was in no hurry to adjust interest rates.“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 said.
Related: 4 signs that $76.7K Bitcoin is probably the ultimate lowBitcoin is still down 14% over the past month, and CryptoQuant says the drawdown is not “unusual in terms of magnitude, as similar corrections have occurred in past bull markets.”However, it warned if Bitcoin that breaks its current support at the $75,000 to $78,000 price level, its next target could be as low as $63,000, a level not seen since Oct.14.
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Author / Journalist: Cointelegraph by Ciaran Lyons
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