Bitcoin

Gold

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<a href="https://u.today/bitcoin-btc-investors-show-doubt-in-short-term-outlook-report" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>, the largest cryptocurrency by market capitalization, rose to highs of $58,487 in the early Thursday trading session. However, amid this price rise, a prominent crypto analyst has issued a warning, urging caution as the market heats up.
According to Julio Moreno, Head of Research at CryptoQuant, valuation metrics indicate that the price of Bitcoin remains bearish.
Moreno<a href="https://x.com/jjcmoreno/status/1833882337169293366" rel="noopener noreferrer nofollow"> stated</a> that Bitcoin is still in a bear phase and has decoupled from gold as investors switch to risk-off mode.
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 Bitcoin remains in a bear phase and it has decoupled from Gold as investors switch to risk-off mode.<a href="https://twitter.com/cryptoquant_com?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@cryptoquant_com</a> Our latest crypto report: <a href="https://t.co/XPaaGrs1Wz" rel="noopener noreferrer nofollow">https://t.co/XPaaGrs1Wz</a>— Julio Moreno (@jjcmoreno) <a href="https://twitter.com/jjcmoreno/status/1833882337169293366?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 11, 2024</a>
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In its recent analysis, CryptoQuant highlighted that the Bull-Bear Market Cycle Indicator has been in a bear phase since Aug. 27, when the price of <a href="https://u.today/133300-btc-scooped-up-by-major-bitcoin-holders-details" rel="noopener noreferrer nofollow">Bitcoin</a> was $62,000. A significant rally is unlikely to occur as long as the indicator stays in the bear phase.
Similarly, the MVRV ratio has fallen below its 365-day moving average since Aug. 26. A cross below the 365-day moving average indicates the possibility of a further price correction. This situation was also present in May 2021, when Bitcoin fell 36% over two months, and in November 2021, when the last bear market began.
Bearish signs are also evident in Bitcoin long-term holders (LTH) spending at lower profit margins. The LTH SOPR ribbons have been drifting lower since late July. The fact that LTHs are spending at lower profit margins demonstrates a lack of new demand for Bitcoin.
<h2 id="bitcoin-briefly-hits-58-000">Bitcoin briefly hits $58,000</h2>
Bitcoin (BTC) surpassed $58,000 in early Thursday trade, driven by a surge in U.S. equities and gains in the Asian share market.
U.S. inflation data for August bolstered bets on a <a href="https://u.today/federal-reserve-crypto-reacts-to-feds-crucial-market-comments" rel="noopener noreferrer nofollow">Federal Reserve</a> rate drop in the coming weeks, with core inflation rising faster than expected to more than 0.3%.
At the time of writing, BTC was up 2.18% in the last 24 hours to $58,025. However, spot bitcoin exchange-traded funds (ETFs) in the United States returned to outflows on Wednesday, following a two-day inflow streak, losing $43 million.

Bitcoin Warning Issued by Crypto Analyst Amid BTC Price Surge to $58,000

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