Source: Cointelegraph Original: "{title}"
On March 12, during the Asian morning session, Bitcoin reached a high of $83,700, while on the previous day, March 11, Bitcoin briefly fell to a low of $76,600, indicating a slight improvement in market sentiment. However, Bitcoin's price faced resistance at the key level of $84,000, sparking widespread discussion in the market about whether Bitcoin's price would decline further.
Bitcoin price change hourly chart. Source: Cointelegraph/TradingView
Bitcoin demand remains weak
The outflow of funds from spot Bitcoin exchange-traded funds (ETFs) has played a significant role in the decline of Bitcoin prices since the end of February, with over $1.5 billion flowing out in the past two weeks.
Meanwhile, according to data from market intelligence firm CryptoQuant, Bitcoin's explicit demand remains sluggish, indicating a decrease in risk appetite among potential investors.
What you need to know:
Bitcoin explicit demand. Source: CryptoQuant
However, this indicator does not always accurately predict future trends. For example, it also showed negative values at the end of May and the end of October 2024, but subsequently, Bitcoin prices rose by 7% and 73%, respectively.
Bitcoin valuation indicators suggest a deeper correction
Data from Cointelegraph Markets Pro and TradingView indicate that after hitting a four-month low of $76,600 on March 12, Bitcoin's price rebounded slightly but remained about 7% higher than that low.
According to CryptoQuant, despite the rebound, some valuation indicators still lean bearish, suggesting a potential for a deeper correction.
Bitcoin bull-bear market cycle indicator. Source: CryptoQuant
Technical analysis shows Bitcoin price is bearish
From a technical perspective, Bitcoin's price is trading in a bearish continuation pattern, indicating that a potential correction is imminent.
Key points:
Bitcoin price 4-hour chart. Source: Cointelegraph/TradingView
Meanwhile, CryptoQuant analysts state that if the current support zone of $75,000 to $78,000 cannot hold the price, Bitcoin may further decline to $63,000.
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