#SECCrypto2.0 The recent fluctuations in Bitcoin's price have sparked debate about whether the cryptocurrency has indeed entered a bear market.

Analyst "Ali Martinez" presented an in-depth analysis based on technical indicators and on-chain data, suggesting the possibility of Bitcoin entering a corrective phase, but it may find support factors to help it recover.

Indicators of Weak Momentum:

Analyst "Martinez" points out that the liquidity flow index between trading platforms shows Bitcoin entering a corrective phase, as the currency has experienced a 23% decline from its peak of over $109,000 in January.

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

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

New capital inflows to 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 indicated that the $93,700 level represents a potential bounce point that could drive Bitcoin to $111,000 should it reclaim this.