Bitcoin rebounds as stagflation concerns ease

US February CPI misses market expectations... Crypto rises as market concerns ease BTC defends the $83,000 level... Many altcoins rebound during the day on the 12th Cryptoquant "Likely to turn into a downtrend"... BTC targets $63,000 Bitcoin (BTC) rebounded on the 13th as the US Consumer Price Index (CPI) for February fell short of market expectations. The US Bureau of Labor Statistics announced on the 12th (local time) that the US CPI for February rose 2.8% year-on-year. This is lower than the market's expected 2.9%. As the market's concerns about stagflation eased based on the February US CPI, the cryptocurrency market, including Bitcoin, rebounded. Bitcoin held the $83,000 level, and many altcoins recorded an increase of over 3%. Some altcoins even rose more than 10%. As of 4 pm on the 13th based on Upbit, the price of Bitcoin is 12,320 million won. Bitcoin's dominance is 62.22%. According to on-chain analysis platform Siglbit, the long (bullish) and short (bearish) betting ratio in the Bitcoin futures market was 62.04% and 37.96%, respectively. Despite the recent halt in Bitcoin's decline, experts have not changed their pessimistic views on Bitcoin. The institutional insight report released by on-chain analysis platform Cryptoquant on the 12th cited various on-chain data around Bitcoin (BTC) and warned that Bitcoin could fall to $63,000. Cryptoquant's report explained that Bitcoin's MVRV Z-score has decreased below the 365-day average, which is a signal that appears before a sharp correction or a long-term downtrend. The MVRV Z-score measures how far the market capitalization to realized value ratio (MVRV) of a specific asset deviates from its historical average. This means that Bitcoin's current market capitalization is higher than its realized value, suggesting that Bitcoin's price is undervalued and a Bitcoin downtrend may intensify. Cryptoquant also pointed out the decrease in market demand for Bitcoin, the movement of whale wallets, and the net outflow of US Bitcoin spot ETFs. Cryptoquant researchers stated in the report that "Bitcoin's key support line on the chart is $75,000, and if this support is broken, Bitcoin could fall to $63,000." The cryptocurrency that recorded the largest increase compared to the previous trading day as of 4 pm on the 13th on Upbit was Solana (SOL), which rose about 5% from 24 hours ago. Solana is a re-staking network based on the Solana network, which improves the network bandwidth of on-chain dApps by staking Solana (SOL). The Digital Asset Fear and Greed Index provided by Alternative is at 45 points, entering the 'Neutral (Fear)' stage. The neutral stage is a neutral zone where psychological resistance and support from market participants appear. This is an important decision-making stage for future price movements. The Cryptocurrency Relative Strength Index (RSI) provided by Siglbit is 51.3, recording a 'neutral' state. RSI measures the relative strength between the upward and downward pressure of a specific asset price, indicating the overbought and oversold levels of the asset.