Glassnode analysts record the end of the cryptocurrency bear market
BTC has been above its strike price and 200-day MA for most of 2023, experts noted
21.04.2023 - 13:30
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What’s new? Experts at analytics service Glassnode named several key indicators in a new YouTube video that point to the possible end of the downtrend in the cryptocurrency market. For example, the experts noted that the bitcoin rate is above the Realized Price (RP) and the 200-day Moving Average (MA) for most of 2023. In this, they stressed that “nobody really knows” for sure if the cryptocurrency bear market is actually over.
RP is calculated by dividing the value of all BTC at their last purchase price by the number of coins in circulation.
MA reflects the average value of an asset’s price over a certain time period.
What else did Glassnode report? Representatives of the service noted the growth of the Bitcoin network, in particular, an increase in the number of active addresses, as well as the amount of transaction fees.
Glassnode noted that traders are taking profits in BTC, and the market is absorbing these sales. Long-term holders are also seeing profitability, which is another potential indicator of the end of the bear market.
One-third of bitcoin’s supply has returned to the profitability zone since the beginning of the year
In April, the total number of coins in the green zone reached 14,8 million
As of April 21, 13:30 UTC, bitcoin is trading at $28 185 on Binance, having lost 2,12% in a day and 7,2% in a week, according to aggregator CoinGecko. BTC has a 43,99% market share and a market capitalization of $545,9 billion.
Earlier, BTC China co-founder Bobby Lee pointed to the beginning of a “spring” season of the crypto market. Writer Robert Kiyosaki is confident that bitcoin will continue to rise as it has risen 100% from a low in 2022 to a high in 2023.
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