Bitcoin at Pivotal Point as Bear Market Beckons: Onchain Data

Bitcoin at Pivotal Point as Bear Market Beckons: Onchain Data


The Bitcoin profit and loss index is hovering around its 365-day moving average; previous crossovers to the downside have led to major market corrections. Tether’s market cap growth, often considered a key driver of bull markets, has stalled. Large BTC holders, however, increased their stash by 6.3% over the month, the highest since April 2023.

Bitcoin (BTC) is it a crucial stage of this market cycle as several factors signal continued downside while others indicate that prices are set to bottom out.

Currently trading at $57,700 having bounced from last week’s low of $53,600, bitcoin remains in a technical downtrend from March’s

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