Биткоин остается под давлением: эксперты указывают на отсутствие окончательной распродажи Translated Headline: Bitcoin Remains Under Pressure: Experts Highlight Lack of Final Sell-Off

The market valuation of the first cryptocurrency lags behind actual network activity, and the search for a price bottom is still ongoing. These conclusions were drawn by experts from the Checkonchain platform and the analyst known as MorenoDV.

According to the researchers, 38% of the supply of digital gold is currently in unrealized losses. The scale of these losses is comparable to figures seen in the middle of 2021.

The experts identified the $81,000 mark as a significant level. This figure aligns with the average purchase price for spot Bitcoin ETFs and the True Market Mean. Analysts noted that there has yet to be any sign of the final capitulation of investors in the market.

MorenoDV highlighted the NVT Golden Cross indicator, which assesses the value of the network relative to transaction volume. This is similar to the classic price-to-earnings (P/E) ratio, replacing company profits with economic activity within the blockchain.

Previously, this indicator had dropped to -0.58. This level indicated not so much the pessimism of market participants but rather the fundamental undervaluation of the asset. Currently, it has risen to -0.32.

The analyst believes that prices are gradually aligning with the metrics, but Bitcoin is still trading at a discount. The market is transitioning from deep oversold conditions to equilibrium—historically, this phase has been accompanied by active position accumulation.

It’s worth noting that the head of the research department at K33 Research, Vetle Lunde, stated that long-term Bitcoin holders have nearly completed the phase of active selling.