Bitcoin Dips to $41K Amid Bearish Market, Yet Investors Remain Hopeful

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Bitcoin drops to 41,000 dollars: What does the future of BTC price forecasts look like?

Bitcoin is likely on its way to rebound from the support zone at 41,000 dollars. The market sentiment is tilting in favour of the sellers and the MVRV ratio (Market Value to Realized Value) continues to fall. According to data provider Santiment, a bearish sentiment shift at the time of news about the approval of a Bitcoin Spot ETF points to a local high.

The decline of the MVRV ratio to the level of late October

The rally in October 2023 sent the 180-day MVRV ratio on Santiment soaring. It reached a peak of 37.88% on December 6th. This signaled a potentially overvalued asset. Since then, the metric has been declining. A few days after the approval of the Spot ETF, it fell below 17.66% on January 13th. Most recently, it was at 10.88%, which is still positive, but indicates that holders are increasingly inclined to sell a portion of their BTC holdings.

Whale accumulation shows that long-term investors still have hope

An analysis of the BTC supply distribution shows that addresses with 10,000 to 1,000,000 BTC have continued to increase their holdings over the past two months. At the same time, addresses with 0-100 BTC began selling in the first week of January. This suggests that some holders are taking profits while BTC is approaching the 50,000 dollar mark.

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Another rally from the 41,000 dollar mark is possible

Since December 11th, BTC has tested the lows in the 40,600 dollar range six times. Each time there was a rally of varying size. Even though BTC has a bearish structure and a downtrend, there is a chance for a rally. A drop below 40,200 dollars would invalidate the idea of a rally.

The liquidation levels suggest a bearish trend

The liquidation levels at 42,400 and 44,000 dollars amount to 181 million and 143 million dollars respectively. The cumulative Liq Levels Delta is also massively negative, indicating that the short liquidation levels significantly outweigh the long levels. Therefore, a rally towards these two levels is possible. In particular, the levels of 42,400 and 44,300 dollars should be noted. They represent the middle and upper resistance limit.

Conclusion

The current market situation is strongly bearish, with both market sentiment and key metrics such as the MVRV ratio pointing to a further price decline. Nevertheless, there is a possibility of a rally, especially if the support zone of 41,000 dollars holds. Long-term investors continue to show confidence in Bitcoin, suggesting a possible recovery.

Sources: Santiment, Hyblock, TradingView

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