Bitcoin shows a slight recovery in the last 24 hours amid a sharp decline over the past week. Experts warn of potential sell-offs if the asset does not return to the $63,000 level.
Current Market Situation
In the last 24 hours, Bitcoin has gained 1.20%, continuing the bullish trend of recent weeks. BTC is trading at $62,099 following a 1.2% rise.
Market Sentiment
Despite the rise, key stakeholders in the crypto market remain concerned, particularly about the realized price for short-term holders. Crypto analyst Ali Martinez has raised concerns over potential sell-offs if Bitcoin does not reclaim the $63,000 level, which could increase selling pressure in the market.
Market Fundamentals
Martinez's analysis is supported by other fundamental indicators. Bitcoin's Fund Flow ratio has been declining since September 30, indicating a shift of assets to private wallets by investors. Additionally, long position liquidations have decreased from $123 million to $2.47 million, indicating an expectation of rising prices. Bitcoin's NVT ratio has also declined, suggesting that BTC may be undervalued relative to its network activity.
Although Bitcoin exhibits a slight recovery, the market remains under pressure. Short-term holders may initiate sell-offs if BTC does not reclaim the $63,000 level.