BTC has made significant gains in the past day, rising by 2.08%. Despite the recent gains, Bitcoins remains stuck in a sustained bear phase.
Despite the recent gains, Bitcoin remained stuck in a sustained bear phase.has made significant gains, rising from a local low of $55554 to $58038 at press time. This marked a 2.08% increase over the past day.These current market conditions raise the question of whether BTC will experience a sustained recovery or a mere correction before further dip. The market sentiment remains bearish as analysts see a potential dip.
Since the last time BTC was trading at $62k, the crypto has remained in a bear phase, dropping to a low of $52k in this period. Another market indicator signaling a bearish trend is the long-term holders’ SOPR. According to CryptoQuant, long-term holders’ SOPR has declined since July, with LTH spending at lower profit margins.
This suggested that investors were becoming risk-averse as they turned to traditional assets as a safe haven, thus avoiding volatile assets.Looking ahead, both Bitcoin’s LTH-SOPR and STH-SOPR declined over the past week. When the LTH-SOPR declines, it suggests that long-term holders were increasingly selling their crypto at a loss.
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