Analysis: Bitcoin MVRV Z-Score Drops to -59, 30-Day Net Buy Demand Turns Negative

**June 3: Analyst Adler’s latest note flags two key Bitcoin momentum signals turning sharply negative as of today. First, the Bitcoin Impulse indicator— which tracks the crypto’s price momentum—has dropped to -59, marking a sudden shift into negative market momentum. Second, the 30-day Net Taker Volume Position Change gauge, which measures shifts in active buying and selling pressure, has fallen below the zero line for the first time in nearly three months, signaling the active buying that fueled Bitcoin’s prior uptrend is largely exhausted.** **Momentum indicators typically lead shifts in fund flows, and right now, both fast and slow momentum gauges are deep in negative territory. The fast momentum is approaching -90, while the slow momentum slid to -59 after crossing below the zero line at the end of May. That said, the 30-day active buying demand indicator—though it just flipped negative—has not yet entered what Adler defines as “bearish territory.”** **Adler adds the market is transitioning from a buyer-dominated phase to a seller-dominated one, putting the overall space in a risk-off state. For confirmation of a sustained bearish trend: If active buying demand continues dropping into bearish territory while momentum stays negative, that would solidify the downtrend. Conversely, a rebound in active buying above the zero line could open up a potential upside rebound opportunity for Bitcoin.**