#SECCrypto2.0 Recent fluctuations in the price of Bitcoin have sparked debate about whether the digital currency has indeed entered a bear market.

Analyst “Ali Martinez” provided an in-depth analysis based on technical indicators and on-chain data, suggesting that Bitcoin may enter a corrective phase, but it could find support factors that help it recover.

Indicators of weak momentum:

Analyst “Martinez” points out that the liquidity flow indicator between trading platforms shows Bitcoin entering a corrective phase, as the currency has seen a 23% drop from its peak of over $109,000 in January.

Additionally, the “MVRV” ratio has turned negative, which is a traditional sign of market weakness.

Furthermore, data showed that miners sold Bitcoin worth over $27 million, while whales offloaded more than $260 million, increasing selling pressure.

New capital inflows into Bitcoin have also sharply declined, from $135 billion in December 2024 to just $4 billion by mid-March 2025, reflecting a slowdown in demand.

Critical support levels:

Despite the negative signals, “Martinez” identified the range of $66,000-$69,000 as a strong support area, where 750,000 investors bought 313,000 Bitcoins around the $69,000 level.

The same analyst noted that the $93,700 level represents a potential bounce point, which could push Bitcoin to $111,000 if this level is regained.