KEYTAKEAWAYS
- Bitcoin’s MVRV death cross signals weakening momentum and possible price correction, as technical indicators show increased downside risk despite ETF inflows.
- Elon Musk denies any government use of Dogecoin, clarifying that DOGE refers to an efficiency department, not the cryptocurrency, despite market confusion.
- Gold hits record $3,127.91 amid inflation fears and trade tensions, with prices expected to stay strong ahead of new U.S. tariffs.
CONTENT
MVRV DEATH CROSS SIGNAL SHOWS: BITCOIN FACES HIGHER DOWNSIDE RISK
According to CryptoQuant analyst Yonsei dent, Bitcoin’s MVRV (Market Value to Realized Value) indicator showed a “death cross” at the beginning of March. This happened when the 30-day moving average dropped below the 365-day moving average, which suggests short-term momentum is weakening and downward pressure is increasing. In the past, this signal has often led to price corrections.
Analysis:
MVRV is the ratio of Bitcoin’s market value to its realized value (based on the last on-chain transaction of each coin). A high MVRV often means the market is overheated, while a low value may suggest overselling. The recent “death cross”—where the short-term average crosses below the long-term average—indicates weakening short-term strength and a possible downward phase. Historically, such patterns have preceded market pullbacks.
Currently, the MVRV is near its historical average, meaning the market is not overheated, but no clear bottom has been formed. ETF inflows bring some hope, but they are not enough to offset bearish technical signals and cautious sentiment, especially as Bitcoin struggles to hold the $80,000 support level.
ELON MUSK SAYS U.S. GOVERNMENT HAS NO PLANS TO USE DOGECOIN
At a town hall in Green Bay, Wisconsin, hosted by his political action committee, Elon Musk said the U.S. government’s Efficiency Department (DOGE) has nothing to do with Dogecoin.
“To my knowledge, the government has no plans to use Dogecoin or any other cryptocurrency,” he said. “The names are similar, but DOGE here is just about improving government efficiency by 15%.”
Analysis:
DOGE shares its name with Dogecoin, which Elon Musk has long supported, often referring to himself as the “Dogefather.” Because of this, many people quickly associate anything named “DOGE” with the cryptocurrency. Musk’s clarification likely aims to avoid misunderstandings or accusations of market manipulation.
After the DOGE department was first announced in late 2024, Dogecoin’s price jumped, showing how easily markets react to perceived links. Even though Musk denied any connection this time, his words continue to influence Dogecoin’s short-term price, showing how much power he still holds over the meme coin market.
GOLD HITS $3,120/OZ, BREAKS RECORD
On March 31, spot gold prices broke above $3,120/oz and reached a new all-time high of $3,127.91. Prices have since pulled back slightly to around $3,124.
Analysis:
The sharp rise in gold reflects rising concern over trade wars, inflation, and unclear monetary policy direction. The brief pullback after reaching a record high is considered a normal price adjustment and doesn’t change the general upward trend. With new U.S. tariffs set to take effect on April 2, investors expect continued market uncertainty, which may drive gold prices higher, potentially testing $3,150 or more in the near future.
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