Bitcoin (BTC) has just passed the worst day in recent weeks, and it is currently heading towards the $ 9,000 mark as the bear market is under control.
This downward pressure comes after Bitcoin failed to win the $ 10,000 level on Sunday.
Despite the current negative dynamics, one thing to be concerned about is that the indices still show that Bitcoin is underestimated at its present core value, suggesting that the medium-term uptrend will remain. maintenance.
Bitcoin is gradually moving towards the $ 9,000 threshold after being rejected by the $ 10,000 level.
At the time of writing, Bitcoin is down 3% from its $ 9,385 threshold, plummeting from the daily peak of $ 9,700 yesterday morning.
This strong selloff marks the ongoing downtrend and is triggered by Bitcoin's inability to attack $ 10,000. By not being able to access the 5-digit price level, Bitcoin is likely to fall even deeper.
Teddy, a famous cryptocurrency analyst, explained in a tweet:
“BTC: A new day and a new decline, the price structure is continuing to be formed.”
If Bitcoin fails to handle selling pressure, it will be difficult for the market to return to higher peaks.
The current index shows that Bitcoin still has room to grow
Glassnode, a blockchain research company, said Bitcoin's MVRV Z score shows that this asset has room to thrive.
“The MVRV Z index is used to evaluate whether Bitcoin is being priced higher or lower than the average value. The current threshold value indicates that Bitcoin still has room to grow. ”
It is likely that Bitcoin may still decline further in this sell-off, but the medium-term trend of the coin is still rising.
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