Bitcoin has entered a bearish phase since August 27, marked by a significant decoupling from gold, which has soared to record highs, leaving bitcoin struggling over 20% below its peak.
The MVRV ratio for bitcoin is currently below its 365-day moving average, pointing to potential further price corrections, which historically precede significant market drops.
Recent trends show investors favoring gold as a safe haven during turbulent stock market conditions, leading to a sizably negative correlation between bitcoin and gold.
The bearish indicators, like the Bull-Bear Market Cycle Indicator being in a bear phase since late August, suggest sustained volatility and risk for bitcoin holders.
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