If you have been closely watching the crypto, or even invested in it, chances are that you are wondering whether the latest bear cycle is over. The truth is that the market remains unpredictable especially in the long-term. Despite this, here are some opinions and observations will help you to better understand the current market state.space. Some investment companies that dabbled in Bitcoin, such as Celsius went bankrupt during the latest crash.
A look at some metrics may help provide a clearer picture of BTC’s current position. For example, addresses holding more than 100 BTC have drastically reduced their selloff. The number of such addresses increased substantially since mid-June, thus supporting Bitcoin’s bullish performance.A slight drop in the same metric in the last few days suggests the likelihood that increased selling pressure may prevent more upside in the short-term.
When I read Glassnode reports bitcoin leaving exchanges, I was always like "huh?" The graph below explains it. Over shrinking, but Binance growing.
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