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 July
CryptoQuant 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. Source: CryptoQuant
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