Decentral Block Post

Bitcoin (BTC) needs to go lower before putting in a macro bottom, one of the market’s most accurate indicators shows.

Data from sources including on-chain analytics firm Glassnode shows Bitcoin’s MVRV-Z Score is almost — but not quite — signaling a price reversal.

MVRV-Z Score inches towards macro bottom

Amid ongoing debate whether if, or when, BTC/USD will go beyond its current macro lows of $17,600, new figures suggest that the market easily has further to fall.

As noted by Filbfilb, co-founder of trading suite Decentrader, the MVRV-Z score is now in its classic green zone, but not yet at the point which has accompanied price bottoms in the past.

MVRV-Z measures how high or low the Bitcoin spot price is relative to what is referred to as its “fair value.”

Crypto exchange KuCoin found itself at the center of discussion when a sub-community of Crypto Twitter started warning investors about an incoming ban on funds withdrawal. KuCoin CEO, Johnny Lyu, was however quick to dismiss the unvetted rumors before they picked up steam.

Prominent crypto figures on Twitter, including trader @KongBTC and blockchain investigator @otteroooo, requested their followers to withdraw all of their funds from the KuCoin while claiming that the exchange may soon stop all users from withdrawing funds.

Rumors linked KuCoin’s intent to stop withdrawals with Terra’s (LUNA) and 3AC collapse, which according to the warnings, led to “immense suffer” for the exchange owing to high exposure to the fallen tokens.

While dismissing the supposed rumors through the above tweet, Lyu highlighted the company’s strong position by disclosing a recent $150 million funding, which placed the company’s valuation at $10 billion in May 2022. He also pointed out that the company is currently hiring for multiple positions, requesting investors to make their own judgment amid the ongoing FUD — fear, uncertainty and doubt:

“No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, everything on KuCoin is operating well.”

Bitcoin (BTC) failed to reclaim recent losses into July 2 as traders prepared for stagnant price action to continue.

"Downtrend acceleration" still in force

Data from Cointelegraph Markets Pro and TradingView tracked a limp BTC/USD as it chopped around the $19,000 mark into the weekend.

The Wall Street trading week had finished without surprises, with United States equities practically stagnant — providing little impetus for crypto volatility. The U.S. dollar index, or DXY, fresh from a retest of twenty-year highs, ran out of steam to circle 105 points.

Order book data from largest global exchange Binance showed BTC/USD caught between buy and sell liquidity close to spot price, ensuring a lack of volatility until traders maneuvered or added significantly to bids or asks.

Zooming out, the outlook hardly seemed any more optimistic for bulls.