Bitcoin at Pivotal Point as Bear Market Beckons: Onchain Data

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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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.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.

Data from CryptoQuant suggests that a major correction or the onset of a sustained bear market could be on the horizon as the profit and loss index is hovering around its 365-day moving average. Previous crossovers to the downside acted as a precursor to deep declines begun in both May and November 2021.market cap also shows that a rally might be hard to come by as historical recoveries can be attributed to a rise in stablecoin liquidity, CryptoQuant added.

 

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