Bitcoin Establishes a New Hallmark Of Bear Markets
BeInCrypto
Bitcoin's price recovery is fragile, with on-chain data indicating bearish signals and a potential rejection at key resistance levels.Summary
Bitcoin is currently attempting a price recovery, but this upward momentum is built on a fragile foundation. Several indicators suggest a potential downturn, including a drop in short-term holder supply in profit below 50%, a level historically associated with bear markets. This indicates that a majority of recent Bitcoin buyers are currently experiencing losses. Additionally, a bearish divergence is forming in the Chaikin Money Flow indicator, suggesting hidden selling pressure. Bitcoin is also facing resistance at $71,529, and a failure to break through could lead to a correction towards $65,776. However, a shift to accumulation and a move above $74,000 could invalidate the bearish outlook.
(Source：BeInCrypto)