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What do the latest blockchain data for Bitcoin (BTC) show? Bullish or bearish trend?
In the cryptocurrency market, blockchain data and derivative market dynamics indicate a significant divergence in investor behavior, while Bitcoin's price continues to move within a sideways range with limited fluctuations.
According to market data, Bitcoin ($BTC) is trading at $68,094, showing a slight increase of 0.06% in the last 24 hours.
Chart showing recent price drops for $BTC.
During periods when prices are in a narrow range, position liquidations in derivative markets present a striking picture. In the liquidation process, totaling $109.16 million, short positions accounted for $76.51 million, or 70.1% of the total, indicating that investors betting against market growth were hit harder. At the same time, long position liquidations remained at $32.65 million.
Chart showing recent liquidations in the cryptocurrency market.
On the other hand, the Fear and Greed Index, which measures market sentiment, remains in the "extreme fear" zone with a score of 8. The fact that the index was similarly low yesterday (11), last week (14), and last month (10) suggests that investors are generally avoiding risk and approaching the market with caution.
Blockchain data shows that Bitcoin's current price structure remains relatively strong. The "realized price," which represents the average cost for all investors in the network, is $54,200, and trading Bitcoin above this level indicates that the market is overall profitable, with this level acting as strong support.
Chart comparing Bitcoin's price to its realized price.
However, the MVRV ratio, another important indicator showing a lack of market overheating from a valuation perspective, stands at 1.26. This value shows that Bitcoin is neither overly expensive nor historically cheap, but is moving within a "balanced" range. Experts believe that an MVRV value below 1 is a strong signal for reaching the bottom, while levels above 3.7 indicate a market bubble and potential peak risk.
Chart showing MVRV data for Bitcoin.
See also: "Bitcoin falls to $66.5K amid Trump threats toward Iran"
