$BTC Bitcoin's current market conditions are quite volatile, with several key metrics flashing bearish signals. The cryptocurrency is currently consolidating near $98,522.72, but market signals suggest it may struggle to reclaim the $100,000 mark and could correct towards the $95,000 zone ¹.

Some of the key factors contributing to this bearish outlook include:

- *Historically High MVRV Ratio*: Bitcoin's Market Value to Realized Value (MVRV) ratio is nearing historically high levels, often followed by market corrections ¹.

- *Declining Dominance*: Bitcoin's dominance has dropped from around 53% to 51% over the past week, indicating a potential altcoin season ¹.

- *Overvaluation*: Glassnode's data highlights a sharp rise in Bitcoin's NVT (Network Value to Transactions) ratio, signaling overvaluation ¹.

- *Growing Selling Pressure*: CryptoQuant reported higher net deposits on exchanges compared to the seven-day average, reflecting growing selling pressure ¹.

However, despite these bearish signals, some market participants remain bullish on Bitcoin, believing it may trigger a strong rise anytime from now ² ³ ⁴.