Key Takeaways
Bitcoin’s 12.8% drawdown aligns with healthy consolidation, not a deep correction. Besides, NVT drop, Coinbase Premium surge, and short liquidations all point to resilience.
At the time of writing, Bitcoin [BTC] was 12.8% down from its all-time high, but this pullback remained within the typical –10% to –18% range often seen during bull markets.
Declines in this zone tend to resemble consolidation rather than capitulation, whereas deeper corrections can extend toward –30%.
With prices hovering near $110K, the movement appeared more like a healthy correction than a breakdown.
This positioning often signals a repair phase, one that could set the stage for another push higher, unless external shocks drag prices lower.
Can Bitcoin’s ascending channel deliver $150K?
The daily chart revealed Bitcoin holding the lower boundary of its ascending channel after bouncing from the $107K area.
From here, the path back toward $123K looked open, with Fibonacci levels pointing to $150K as an extended upside target.
Furthermore, RSI at 42.8 indicated weak but improving momentum, at press time, leaving room for bullish acceleration if buyers sustained pressure.
However, failure to maintain channel support could expose downside risks toward $93K. Therefore, this structure keeps the bullish case alive while warning against complacency.
Does the NVT Ratio strengthen Bitcoin’s valuation case?
On-chain metrics highlighted a notable 17.35% drop in the Network Value to Transaction (NVT) ratio, positioned at 32.6 at press time.
That level suggests Bitcoin’s market cap is lining up more neatly with transaction activity, easing concerns of overvaluation
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Author: Erastus Chami
