Bitcoin (BTC) has seen a recent drop of 5.5%, taking its price below the $100,000 mark. Despite a rise in trading volume, bearish indicators like the MVRV Ratio and whale activity suggest increasing selling pressure.
The 7-day MVRV Ratio for Bitcoin is currently negative, which means that BTC holders are generally in a loss position. Historically, further declines in this ratio are possible before recovery occurs.
Whale activity showed some bearish signals, but recent increases in numbers indicate a slow accumulation, hinting at cautious optimism.
The EMA lines remain bullish, but a drop in short-term EMAs suggests weakening momentum. If a death cross happens, it could indicate a bearish reversal, potentially testing lower support levels.
However, if bullish momentum returns, BTC could test resistance levels and aim for a potential price recovery, contingent on mitigating bearish EMA signals.
