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A slew of on-chain metrics are hinting that the Bitcoin (BTC) bear market may very well be within the rearview mirror, based on the crypto analytics agency Glassnode.
In a brand new YouTube video, the analytics agency acknowledges that “no person actually is aware of” if the BTC bear market is definitely over.
Nonetheless, Glassnode says there are a handful of key metrics that recommend the market may very well be altering.
The analytics agency notes that BTC has been above its realized worth (RP) and 200-day transferring common (MA) for many of 2023. RP information the worth of all BTC on the worth they had been most not too long ago purchased, divided by the variety of cash in circulation.
Glassnode additionally says Bitcoin has witnessed elevated momentum when it comes to community utilization, with upticks in energetic addresses and payment strain.
Moreover, merchants are taking earnings in BTC and the market is absorbing these gross sales, based on the analytics agency. There may be additionally a stability of wealth in favor of long-term holders, one other potential indicator the bear market is over.
Bitcoin is buying and selling at $28,953 at time of writing. The highest-ranked crypto asset by market cap is down greater than 5% previously 24 hours however stays up by greater than 74% for the reason that begin of 2023.
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