4 important data points of Bitcoin show that $80,000 is a good price.

The price of Bitcoin dropped from $87,241 to $81,331 between March 28 and March 31, erasing the gains made in the previous 17 days.

The 6.8% adjustment has liquidated 230 million USD in Long positions, largely due to BTC following the U.S. stock market, as S&P 500 futures dropped to their lowest level since March 14.

Although struggling to maintain a price above $82,000 on March 31, four key indicators show investor confidence and potential signs of Bitcoin decoupling from traditional markets in the near future.

S&P 500 futures contract (left) compared to Bitcoin/USD (right) | Source: TradingViewTrader is concerned about the impact of the global trade war on economic growth, especially after the announcement on March 26 regarding the 25% tariff by the United States on foreign-made cars.

According to Yahoo News, strategists at Goldman Sachs have cut their year-end S&P 500 target for the second time, lowering it from 6,200 to 5,700. Similarly, analysts at Barclays have revised their forecast down from 6,600 to 5,900.

Despite this, gold soared to a record high of $3,100 on March 31. This $21 trillion asset is considered a hedge against inflation, especially as traders prioritize alternatives over cash. Meanwhile, the USD has weakened against a basket of foreign currencies, with the DXY index dropping to 104.10 from a mark of 107.60 in February.

Bitcoin data shows strength, while long-term investors remain unfazed

The stories about Bitcoin as “digital gold” and “non-correlated asset” are being questioned, even though BTC has increased by 36% in 6 months while the S&P 500 index has decreased by 3.5% during the same period.

Some data about Bitcoin continues to show strength, as long-term investors remain unfazed by the temporary correlation between BTC and stocks as central banks implement various measures to prevent an economic crisis.

Bitcoin mining hashrate, a measure of the computational power behind the network’s verification mechanism, has reached an ATH.

The average estimated Bitcoin mining Hashrate over 7 days, TH/s | Source: Blockchain.comThe 7-day Hashrate peaked at 856.2 million terahashes per second on March 28, up from 798.8 million in February. Therefore, there are no signs of panic selling from miners.

In the past, BTC price drops were often accompanied by FUD phases related to the “death spiral,” with miners forced to sell when there was no profit left. Additionally, according to data from Glassnode, the net flow from miners to exchanges over the 7 days leading up to March 30 was 125 BTC, much lower than the 450 BTC mined each day.

The average 7-day moving volume of BTC from miners | Source: GlassnodeBitcoin mining company MARA Holdings submitted a prospectus on March 28 to sell $2 billion in shares to expand its BTC reserves and for “general purposes.” This move comes after GameStop (GME), the US-listed video game company, submitted a plan to offer $1.3 billion in convertible bonds on March 26 while updating its reserve investment strategy, including potential purchases of Bitcoin and stablecoins.

Exchange reserves decrease

According to data from Glassnode, the reserves of crypto exchanges have fallen to their lowest level in over 6 years on March 30, reaching 2.64 million BTC.

The decreasing amount of money available for trading often indicates that investors tend to hold more, which is particularly important as the price of Bitcoin has dropped by 5.1% over the past 7 days.

Finally, there has been no net outflow of funds from U.S. spot Bitcoin ETFs from March 27 to March 28, signaling confidence from institutional investors.

In summary, Bitcoin investors remain confident as the mining hashrate hits a record level, corporate adoption increases, and BTC reserves on exchanges are at their lowest in 6 years, signaling long-term holding from holders.

You can view the BTC price here.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.

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Viet Cuong

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