CoinNiel
Short-Term Turbulence Hits Bitcoin Again
Bitcoin continues to see net outflows across exchanges, and funding rates remain negative. Although market sentiment had improved recently and raised expectations, a sharp drop within a single day has pushed the price back down to the $71K range. The first indicator, MVRV, is around 1.3. As I mentioned before, I believe it’s difficult for the market to drop much further at this level, so I see a lower probability of additional downside. The second indicator, SOPR, is 0.999, which can be interpreted as neutral. While many indicators were signaling potential upside not long ago, the market is currently in a state of uncertainty. The impact of the Iran conflict has already introduced short-term volatility, and this is likely to persist for some time.