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Bitcoin: Evaluating if investors are seeing a bear market rally
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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.
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