Bitcoin Decline: Dropped to Pre-FTX Levels

Important Momentum Break in Bitcoin

Bitcoin is experiencing an important momentum break. Onchain indicators are showing signals that have been seen before during significant market downturns. Notably, realized losses have significantly increased. This situation has been triggered by short-term investors closing their positions as the value of Bitcoin dropped below the 200-day moving average.

Market positioning is approaching values historically connected to short-term bottom levels, while uncertainties continue. In the current scenario, high market volatility is expected to persist as there is no clear macroeconomic catalyst present.