Bitcoin increased by 7% over the past 24 hours, now at 82,910 USD, recovering from a low of 79,356 USD. This rise occurs despite a backdrop of bearish market signals reported by CryptoQuant.
CryptoQuant’s findings highlight a significant bearish sentiment, with its Bull-Bear Market Cycle Indicator at a record low. Analysts caution that the MVRV Ratio indicates a potential loss of momentum as Bitcoin’s price fluctuates.
A proposed bill by Senator Cynthia Lummis to acquire 1 million BTC in five years could enhance market confidence. However, ongoing uncertainty and bearish trends pose risks of further price declines if the established support levels fail.
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