Is Bitcoin Entering a Bear Market? Critical Indicator Says Yes
Analytics firm Glassnode has issued a warning that Bitcoin is possible nearing the end of its bull market.
Glassnode is monitoring Bitcoin’s short-term holder (STH) cost basis, a key metric representing the average acquisition price of BTC held for less than 155 days. Historical data suggests that Bitcoin usually transitions into bearish territory when its price drops below this threshold.
Currently, the technical landscape appears bearish, with Bitcoin falling below the significant support at $92,000 and dipping under $90,000 for the first time since November. This level could serve as a pivot point, presenting a possible bullish bounce. However, with risk assets under pressure, Bitcoin may struggle to achieve a sustained price recovery.
Glassnode is monitoring Bitcoin’s short-term holder (STH) cost basis, a key metric representing the average acquisition price of BTC held for less than 155 days. Historical data suggests that Bitcoin usually transitions into bearish territory when its price drops below this threshold.
Currently, the technical landscape appears bearish, with Bitcoin falling below the significant support at $92,000 and dipping under $90,000 for the first time since November. This level could serve as a pivot point, presenting a possible bullish bounce. However, with risk assets under pressure, Bitcoin may struggle to achieve a sustained price recovery.
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