Recently, Bitcoin's price fell below the $90K level, signaling broader distribution.
Activity of Major Bitcoin Investors
Large investors significantly reduced their Bitcoin holdings, with accounts holding 100-1,000 BTC selling 50,625 BTC and accounts with 10-100 BTC withdrawing 7,062 BTC within seven days. This may lead to short-term market weakness.
Possibility of a Bear Market for BTC
Analysis indicates that the Bitcoin bull rally is at risk. Key support levels remain 21 EMA and 50 EMA, and breaking these could enhance the possibility of a bear trend.
Bitcoin's Market Value to Realized Value
The MVRV indicator signals the market is nearly undervalued. Historically, these periods were followed by substantial recoveries. However, if MVRV falls below 1.0, a bear trend may materialize.
If current trends continue, the price may drop to $80K or lower. However, a recovery in MVRV could signal impending improvement.
