The ‘Bitcoin Macro Index’ bear signal casts doubt on the $110K BTC return

BitcoinBTCA large number of BTC prices metrics produce a “bearish divergence.”

It is not a social media discussion On March 27, Bitcoin analysts flagged concerning signals from Capriole Investments’ Bitcoin Macro Index.

Bitcoin Macro Index falls “not great,” Says creator

Onchain metrics have begun to lose some of their bullish edge as BTC/USD struggle to get back to its previous highs.

Charles Edwards said that the Bitcoin Macro Index was created by Capriole 2022 and uses machine learning for data analysis from many metrics. “give a strong indication of Bitcoin’s relative value throughout historic cycles.”

“The model only looks at on-chain and macro-market data. Uniquely, price data and technical analysis is not considered as an input in this model,” He explained The tool was introduced at the time.

The metric has been printing higher prices while the price is printing lower values since late 2023. “bearish divergence.” BTC/USD may have already reached a peak, which is common in previous bull markets.

“Not great,” Edwards reacted when he reposted a copy of the Index that had been uploaded by X. 

“But… when Bitcoin Macro Index turns positive, I won’t be fighting it.”

BTC prices are struggling to recover

According to various analytics, Bitcoin’s macroturbulence is a problem this year.

Related: Bitcoin price prediction markets bet BTC won’t go higher than $138K in 2025

One of the “QuicktakeIn a series of blog posts published this week by CryptoQuant, the onchain analytics platform, four metrics are currently being re-evaluated.

“All of these metrics suggest that Bitcoin is experiencing significant turbulence in the short to mid-term,” contributor Burak Kesmeci commented.

“However, none of them indicate that Bitcoin has reached an overheated or cycle-top level.”

This list contains the market value to realized value (MVRV), the net unspent profit/loss (NUPL), and the Inter-Exchange flow pulse (IFP), which is a metric that measures the exchange rate. flipped bearish in February.

Kesmeci concluded that IFP must return to its simple moving average 90-days above the SMA for this situation to change.

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making any kind of decision.