The post Bitcoin at $104K, but falling MVRV ratio hints at short-term correction appeared on BitcoinEthereumNews.com.

Support range between $98,000 and $101,000, seen as critical. DonAlt warns of a potential 15% price drop to $90,000. MVRV ratio falls below the 200-day moving average. Bitcoin is showing signs of strain as technical indicators point to a possible short-term correction, despite the cryptocurrency maintaining levels above $103,000. The market’s attention has turned to a narrowing support zone that analysts warn could trigger a steep decline if breached. As of Thursday afternoon, Bitcoin is trading at $104,082, down about 1% over the past 24 hours. Source: CoinMarketCap Market watchers say price action around the $98,000 to $101,000 band will likely determine whether Bitcoin maintains its bullish momentum or heads for a notable pullback. Key support range under pressure as analyst warns of reversal Crypto analyst DonAlt has highlighted the $98,000 to $101,000 level as Bitcoin’s most important short-term support, noting that any breakdown below this area could result in a sharp 15% price drop. A breach would place Bitcoin near $90,000, a level last seen in early May. The analysis is based on a daily chart that appears unstable following what the analyst describes as a “false breakout” earlier this month. Bitcoin surged to a new all-time high around $112,000 before retreating to the support zone. According to DonAlt, such behaviour is often associated with market weakness. In strong uptrends, price action usually builds on previous highs, rather than retracing to earlier consolidation levels. The recent return to the support range could indicate a lack of follow-through from bulls and increased risk of selling pressure. MVRV ratio falls below key threshold, raising concerns Another widely followed metric is also pointing to a potential weakness. Crypto market analyst Ali Martinez noted that Bitcoin’s Market Value to Realised Value (MVRV) ratio has fallen below its 200-day moving average. Historically, such movements…

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Filed under: News - @ June 6, 2025 1:29 pm