Did Bitcoin really enter the bear market? Yazan analyst

The recent price of Bitcoin has sparked a discussion between analysts about whether the original cryptocurrency has entered a Beiri market.

Famous analyst Ali Martinez recently participated in an in -depth analysis of Bitcoin’s direction (BTC) using multiple technical indicators and data on the series. In his study, Martinez suggested that although BTC may turn into a declining stage, some factors still support healing.

The main indicators indicate a declining momentum

First, Martinez High The pulse flow of flow between the exchange, the movement of bitcoin between the immediate exchanges and the derivative exchanges. According to the analyst, BTC is currently in a “corrective stage”, and is often characterized by low prices or stability after a strong gathering.

Bitcoin corrected 23 % of its peaks, which is more than $ 109,000 in late January during the opening of President Donald Trump.

He also pointed to the percentage of MVRV (the market value to the achieved value), which turned into negative – a historical signal of weak momentum. In addition, its market cycle indicator indicates that bitcoin can be in the early stages of the bear market, and is compatible with the previous decline.

Additional evidence comes from the activity of the great investors, especially among miners and whales. Data on the series Martinez shared that miners recently sold more than $ 27 million of Bitcoin’s profits, which often indicates a shift towards caution in the market. Meanwhile, the whale activity shows that the main BTC holders have liquidated more than $ 260 million, which increases the pressure of the total sale.

Double these concerns is a sharp decrease in capital flows – new investments that enter Bitcoin. Monthly flows decreased significantly from $ 135 billion in December 2024 to only 4 billion dollars on March 18, 2025, indicating poor demand and a possible decrease in the new purchase.

Can bitcoin carry the main support levels?

Despite these descending signals, Martinez has set the main support levels that can settle on Bitcoin. According to the analyst, a scope of 66,000 – 69,000 dollars appeared as a decisive area where buyers may interfere. To support this, Martinez shared a plan from InTothheblock that shows that 750,000 investors bought 313,000 BTC around the price range of $ 69,000.

He also shared the distribution of price investigators for Glassnode, indicating strong support near $ 69,354 – which enhances the idea that bitcoin can find a ground in this range. Moreover, he pointed out that Mayer’s multiple and bitcoin position in relation to the simple moving average for 200 days (SMA) indicates $ 66,000 as another critical level to see.

However, Martinez mentioned a potential up -to -liquidity scenario. According to his analysis, high liquidity levels historically helped recover from BTC, pointing to April as a potential turning point.

Martinez said that if ASSET is the leading Asset to recover 93,700 dollars as support, it may indicate a renewed trend, with a possible move of about $ 111,000, “Martinez said.

Despite these landfill fears, BTC rose by 4 % to enter the highest level of 10 days at 85,900 dollars after the Federal Reserve decision to maintain fixed interest rates.