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A recent report by Glassnode provides insight into why Bitcoin’s price remains stuck in the middle of a bull market, rather than signaling its conclusion. In their latest analysis, the blockchain analytics firm has shed light on the current market dynamics and what could potentially occur next.
The report highlights that Bitcoin’s short-term holder (STH) cost basis is still above the current market value, which suggests that we are not yet at the end of the bull cycle. According to Glassnode, if Bitcoin were to fall below this STH cost basis, it would signal a significant reversal in sentiment and potentially mark the start of a bearish phase.
The data also shows that short-term holders have been steadily accumulating, suggesting that there is still room for growth before a major sell-off could occur. It appears that whales are not overly interested in selling their assets just yet, as seen by the relatively low supply at the $110,000 to $116,000 price range.
The accumulation trend indicates that both large and small investors have utilized the recent correction to increase their holdings of Bitcoin. This type of buying pressure is expected to create a strong foundation for future growth once the market recovers from this latest dip.
Furthermore, Swissblock has also confirmed that this correction is merely a necessary pause in the market, rather than an indication of deeper weakness. According to their analysis, selling intensity remains low, and investors are taking profits without panicking or attempting to exit the market in fear.
The report concludes by emphasizing that Bitcoin’s recent pullback can be viewed as a healthy reset rather than the start of a bearish reversal.
Source: thecryptobasic.com
