NEW YORK, NY – Bitcoin’s market continues to show bearish sentiment as the price of the cryptocurrency falls below $64k. Investors are concerned about the potential for further decline as whale actions and various metrics play a key role in determining the market direction.
In the last 24 hours, market bears have intensified their activity, resulting in a decrease in Bitcoin’s price to $63,042, with a market capitalization of over $1.24 trillion. This decline has also had an impact on the social metrics of the cryptocurrency, with the weighted sentiment turning negative, indicating a prevailing bearish sentiment in the market.
An analysis from CryptoQuant highlighted a significant surge in whale Bitcoin exchange inflows, suggesting substantial profit-taking by whales amidst the ongoing bull run in 2024. Historical data indicates that whenever this metric has increased in the past, it has been followed by price corrections on multiple occasions.
Despite the bearish trend, there are some positive signs for Bitcoin in the market. Data from CryptoQuant indicates weak buying sentiment among U.S. and Korean investors, with Bitcoin’s Coinbase and Korea Premiums in the red. However, there has been a decline in BTC’s exchange reserves, signaling a decrease in selling pressure.
Moreover, Glassnode’s data reveals a bullish signal with Bitcoin’s Network To Value (NVT) ratio showing a sharp decrease, indicating that the asset may be undervalued. This suggests a potential uptrend in BTC’s price, with a well-trained AI model predicting a price target of $77K in the next 30 days.
While some indicators point towards a possible price increase, others like the Relative Strength Index (RSI) remain bearish. Despite this, Bitcoin’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) show positive trends, hinting at a potential turnaround in the cryptocurrency’s price in the near future.