Bitcoin just copped a brutal drop below $90K, slicing through its 50-week EMA and sparking a death cross. ETF outflows, massive liquidations and Fed hawkishness have whipped sentiment into its most bearish state since 2022—so yeah, it feels like a bear market for now.
On-chain metrics, however, are telling a wildly different tale: exchange reserves are at their lowest in seven years, long-term holders cling to 70% of supply, MVRV ratios point to steady accumulation, and global liquidity is off the charts. Could this be a stealthy mid-cycle shakeout instead of a full-blown bear? Watch those key support and resistance levels—they’ll decide if BTC tanks further or bounces back.
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