This may be the start of a bear market... If the $75,000 mark cannot be defended, further declines are possible

Analysts have revealed that on-chain valuation metrics have signaled that Bitcoin may have entered a bear market.
According to CryptoPotato on the 16th (local time), market information analysis platform CryptoQuant said in a report that "Bitcoin adjustments are not regulated.
"However, all current valuation indicators are indicating that Bitcoin is reaching deep value levels," the report said.
"It is being interpreted as a sign that the market is either in a deep correction or has entered a correction phase that goes beyond the range of corrections normally seen in bull markets," he added.
CryptoQuant: All Bitcoin valuation indicators indicate the market is in bearish territory
Bitcoin's bullish and bearish market cycle indicators are at their most bearish levels in this cycle, with the market value to realized value (MVRV) Z-score dropping below its 365-day moving average.
The Z-Score of the MVRV ratio has fallen below the 365-day moving average, meaning Bitcoin's price uptrend is weakening. Looking at historical data, the MVR
If the V ratio and the bullish-bearish market cycle indicators fall to their current levels, Bitcoin will likely enter a sharp correction or the start of a bear market.
Demand for Bitcoin is also slowing. This metric is still in a downward trend, and whales are slowing down the rate at which they are accumulating Bitcoin.
Last week, apparent demand for Bitcoin contracted at the fastest pace since July 2024, dropping by a steep 103,000 BTC.
Large investors have also significantly slowed their Bitcoin accumulation rate, dropping from 368,000 BTC in January to the current 268,000 BTC.
Cryptoquant analysts expect Bitcoin to trade between $75,000 and $78,000.
If the holding line fails to hold, the price could fall to $63,000, he predicted.