Bitcoin UPS BTC Bitcoin

Bitcoin: Evaluating if investors are seeing a bear market rally

Reading now: 963

Bitcoin, the largest cryptocurrency has rallied strongly off the bottom, reaching above the $23k mark. So does this imply the beginning of the bull market?Well, Glassnode in its latest weekly ‘On Chain’ report on 1 August shed some insight on this narrative.

The report assessed if the current market momentum was a vote to the bear market rally.Bitcoin would need to do more to escape the looming bear trap as per the report.BTC’s number of active addresses remained within a well-defined downtrend channel in the graph below.Source: GlassnodeNotably, the October-November all-time high (ATH) reached a significantly lower peak than the April 2021 ATH.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News