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Bitcoin’s on-chain activity reached the same indicators that were at the end of the bear market of 2018-2019, Glassnode found out.
The current structure of the bitcoin market is comparable to the bear market of the end of 2018. This opinion in the blog was expressed by analysts of Glassnode. However, despite the signs of the end of the “crypto winter”, network indicators still do not signal a reversal of the macroeconomic trend.
The researchers note that the bitcoin network still does not record the presence of demand for cryptocurrency from investors, which is extremely necessary for a stable upward trend.
“Recent price increases have failed to attract a significant wave of new active users, which is especially noticeable among retail investors and speculators,” analysts said.
The lack of excitement among investors is also indicated by the fall in commission in the bitcoin network. As the editors wrote earlier, the average size of the commission in the bitcoin blockchain fell below one dollar. For comparison, the Ethereum network has an average commission twice as high.
Despite this, the current phase of consolidation of the bottom of the cycle is “the most likely,” according to Glassnode. According to experts, it is at current price levels that Bitcoin may try to form a solid foundation for future growth.
Meanwhile, Bitcoin (BTC) is still trading at the bottom of the corrective pattern, which has been present since June 18. The direction of the trend remains unclear. Will bitcoin be able to move above the median line of the channel or will make a bearish breakout of the support line – read in the special material here. At the time of writing, the bitcoin rate in the BTC/USD pair is $ 21,503, according to Nomics.
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