2022-9-10 12:07 |
It's all about the big-volume buy and sell zones for Bitcoin on short timeframes, data reveals.
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Bitcoin’s slide into the $60,000–$70,000 zone has lit up the usual “bottom” dashboards: extreme fear, washed-out positioning, and a cluster of indicators many traders treat as capitulation signals. But CryptoQuant contributor Mignolet says the market is missing the only thing that ultimately matters: a visible bid from dominant buyers.
Bitcoin is sitting at a “critical point,” with traders split between two familiar scripts: a full capitulation event, or the early innings of a durable bottoming process. In a Feb. 15 video explainer, CryptoQuant analyst Maartunn argued the data is starting to line up for the latter, but with a clear caveat that any bottom is more likely to be a grind than a snapback.
Bitcoin is nearing a level on the MVRV ratio that historically lines up with market “undervaluation,” according to CryptoQuant contributor Crypto Dan, as traders look for signs that a four-month drawdown from October 2025’s all-time high is shifting from distribution into accumulation.
Bitcoin’s violent drawdown into the low-$60,000s has traders hunting for a floor. One of the market’s best-known on-chain analysts is arguing the risk-reward has shifted meaningfully, even if the “bottom” is still a process rather than a single print.
Bitcoin is printing on-chain loss-taking on a scale last seen during the Luna/UST meltdown, but at a radically different price point, a distinction that changes what the signal likely means for this drawdown.
BlockTower Capital CIO and co-founder Ari Paul laid out a starkly bifurcated view of the Bitcoin and crypto market on X late Monday, arguing the current drawdown could either mark a permanent peak in “organic adoption” for today’s crop of liquid tokens or simply a higher-timeframe correction before another speculative leg higher.
Bitcoin’s bear-market turn can be traced to Oct. 10, 2025, a session widely described as the largest crypto derivatives liquidation event on record, with roughly $19 billion in futures positions forcibly unwound as prices slid sharply off their highs.