{"id":124886,"date":"2025-03-12T05:16:04","date_gmt":"2025-03-12T05:16:04","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=124886"},"modified":"2025-03-12T05:16:04","modified_gmt":"2025-03-12T05:16:04","slug":"bitcoin-jumps-7-despite-metrics-flashing-bearish-territory","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=124886","title":{"rendered":"Bitcoin jumps 7% despite metrics flashing \u2018bearish territory\u2019"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsBitcoin has clocked a 7% gain over the past 24 hours despite all of its valuation metrics leaning bearish and US demand recently waning off.<br \/>\n\u201cAll Bitcoin valuation metrics indicate that we are in bearish territory,\u201d onchain analytics platform CryptoQuant said in a March 11 markets report viewed by Cointelegraph.\u00a0<br \/>\nDemand falling at \u201cfastest pace\u201d since July<br \/>\nCryptoQuant said its Bitcoin Bull-Bear Market Cycle Indicator is at its \u201cmost bearish level\u2019 of this cycle, and Bitcoin\u2019s MVRV Ratio Z-score \u2014 a key metric to assess whether Bitcoin (BTC) is overvalued or undervalued \u2014 has crossed the 365-day moving average, \u201cindicating that the upward price trend has lost momentum.\u201d<br \/>\nAt the time of publication, Bitcoin is trading at $82,910, up from a 24-hour low of $79,356, according to CoinMarketCap data.\u00a0<br \/>\nCryptoQuant\u2019s Bitcoin Bull-Bear Market Cycle Indicator is at its \u201cmost bearish level\u201d this cycle. Source: CryptoQuantBitcoin has spiked 7.5% over the past 24 hours as the US market steaded on March 11 after plunging a day earlier after US President Donald Trump refused to rule out that a recession was on the cards.<br \/>\nMost of Bitcoin\u2019s gains followed Senator Cynthia Lummis\u2019 reintroduction of the BITCOIN Act, which proposes that the US government buy 1 million BTC over five years.<br \/>\nBitcoin is trading at $82,910 at the time of publication. Source: CoinMarketCapHowever, some traders are not convinced that the downtrend is over.<br \/>\nCrypto analyst Bitcoin Rachy said in a March 11 X post, \u201cFake pump, right?\u201d Similarly, crypto trader BitcoinHyper said in an X post, \u201cEvery pump feels like the beginning. This is how the market takes your money.\u201d<br \/>\nMeanwhile, CryptoQuant said that Bitcoin\u2019s demand fell by 103,000 BTC last week compared to the previous week, \u201cmarking its fastest pace of contraction since July 2024.\u201d\u00a0<br \/>\nBitcoin demand in \u201ccontradiction territory\u201d<br \/>\nCryptoQuant said the reason for the decline in Bitcoin\u2019s demand in the US recently was due to uncertainty around US inflation rates and US President Donald Trump\u2019s imposed tariffs on Feb. 1. On March 7, Federal Reserve chair Jerome Powell reiterated that he was in no hurry to adjust interest rates.<br \/>\n\u201cBitcoin demand remains in contraction territory, whales have slowed down their Bitcoin accumulation, and spot ETFs in the US have turned into net sellers of Bitcoin,\u201d the firm said.<br \/>\nRelated: 4 signs that $76.7K Bitcoin is probably the ultimate low<br \/>\nBitcoin is still down 14% over the past month, and CryptoQuant says the drawdown is not \u201cunusual in terms of magnitude, as similar corrections have occurred in past bull markets.\u201d<br \/>\nHowever, it warned if Bitcoin that breaks its current support at the $75,000 to $78,000 price level, its next target could be as low as $63,000, a level not seen since Oct. 14.<br \/>\nSwan Bitcoin CEO Cory Klippsten recently told Cointelegraph his forecast is that \u201cthere\u2019s more than 50% chance we will see all-time highs before the end of June this year.\u201d Bitcoin\u2019s current all-time high of $109,000 was reached on Jan. 20.<br \/>\nMagazine: The Sandbox\u2019s Sebastien Borget cringes at the word \u2018influencer\u2019: X Hall of Flame<br \/>\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-spike-valuation-metrics-bearish-crypto-analyst?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsBitcoin has clocked a 7% gain over the past 24 hours despite all of its valuation metrics leaning bearish and US demand recently waning off. \u201cAll Bitcoin valuation&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124886"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=124886"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124886\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=124886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=124886"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=124886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}