Gold surges to record high;
#BTC☀ Heading for a bear market?
BTC started the year at $42,268.89. Between January 23 and March 13, Bitcoin prices surged, hitting record highs above $73,000. Since August 27, Bitcoin prices have fallen below $60,000 and are currently struggling to break above that level. Bitcoin’s 50-day SMA is around $60,111.91, and the market has fallen 2.3% over the past 14 days.
CryptoQuant’s Bull-Bear Market Cycle Indicator shows that the Bitcoin market is currently in a bear market phase. The MVRV ratio also shows a similar trend as it has been below its 365-day moving average since August 26.
According to CryptoQuant’s report, long-term Bitcoin holders are spending their Bitcoin holdings at a lower profit rate. The LTH SOPR ribbon, which tracks these consumption patterns, has been trending downward since late July.
