Bitcoin’s recovery from its dump below $81,000 late last week started off well but appears to have stalled over the past 24 hours. Now questions are being asked about whether it truly has bottomed or whether it will fall even further.
A Santiment analyst said on Wednesday that social media sentiment has turned notably bearish, with increased declarations of a bear market. However, historical patterns show that major turnarounds often occur when retail hope is lost – the market moves opposite to crowd expectations.
Additionally, Bitcoin’s 30-day and 365-day MVRV ratios, which measure unrealized profit and loss, remain in negative territory, indicating traders are holding losses.
Whale Selling Pressure Continues
Derivatives speculators are also starting to short again, expecting BTC to fall further, but not at the volumes seen in mid-October. Several factors also suggest caution about calling a definitive bottom, including a decline in network activity and active addresses.
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