Two crucial indicators have announced a BTC decline to $65,000 by U.Today


U.Today – In a quick downtrend, (BTC) plunged to a low of $65,110 on Friday after briefly testing the $71,000 level. At press time, Bitcoin was back up to $67,553, down more than 5% in the last 24 hours.

Bitcoin's recent price drop from $71,000 to $65,000 caught the cryptocurrency market by surprise, but based on on-chain data, this drop was not entirely unexpected.

Crypto research firm Kaiko tweeted on April 11 that expectations for short-term volatility are rising. This is because the implied volatility for expirations over the following two weeks increased from 59% to 71% in just two days.

That being said, two key indicators were warning signs that hinted at the impending correction before it unfolded.

According to on-chain analytics firm CryptoQuant, these indicators have been pointing to weakness since late March but may have been discounted due to market exuberance.

The most important metrics, traders' unrealized profit margins and realized price, have been signaling weakness since the end of March. With this in mind, CryptoQuant urges the crypto community to keep an eye on these metrics in case the current market correction continues.

As Bitcoin fell below $66,000 for the first time since April 4, liquidations since the previous day reached a whopping $920 million. According to Santiment, in addition to cryptocurrencies, the S&P 500 and gold prices have also declined, indicating that consumer price and inflation concerns are emerging across all sectors.

The market is entering a euphoric phase

According to the latest Glassnode report, the market has entered a euphoric phase as profit-taking has increased accordingly.

Compared to the ATH breakthroughs of previous cycles, one could argue that the current euphoria phase (market in price discovery) is still relatively early. Previous phases of euphoria have seen price declines of more than -10% on several occasions, with the majority being significantly lower, with 25% being the norm.

At the current price, Bitcoin is down 8.32% from its all-time high of $73,750 in mid-March.

This article was originally published on U.Today


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