Bitcoin fell to a three-month low below $65,000 and was trading at $64,905 at the time of writing. On-chain analyst Checkmate said its Mean Reversion Index was at Q18, below the Q20 threshold the analyst considers a “deep value” zone. That is an assessment based on a metric, not a guarantee of a price recovery.
Checkmate called the selling the fourth capitulation event since Bitcoin’s all-time high and said daily realized losses rose from $420 million the prior day to more than $850 million. The analyst attributed over 85% of that activity to short-term holders who bought in the high $80,000s, while longer-term holders in profit were doing little or no selling.
