The worst of the Bitcoin (BTC) capitulation could be over, according to the crypto analytics firm Glassnode.
In a new analysis, Glassnode examines the Market Realized Gradient Oscillator (MGRO) 14-day, 28-day and 140-day time periods, with the latter period indicating Bitcoin has already been in a bear market for many months, according to the analytics firm.
“The 140-day MRGO has seen persistently lower peaks since March 2021 and has not recorded a positive value in 2022. This highlights a macro bearish market dynamic has likely been in effect for the last 15 months.
The current extended negative value regime is indicative of the persistently negative price performance in 2022, and remains in the favor of the bears at this stage.
The underlying trend continues to