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Bitcoin Market Structure Shift: Relief Rally Signals End of Re-Accumulation Phase?

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Glassnode reports a potential market shift as Bitcoin rallies to $66K, marking a new high since June. On-chain metrics also point towards this shift, suggesting the end of the re-accumulation phase that began in March.

According to blockchain analytic firm Glassnode, last week’s relief rally to $66K presented a first higher high since June.Additionally, a couple of on-chain metrics also printed new highs. The analytics firm noted that these were increasing signs of a market structure shift, which could mark the potential end of the ongoing Bitcoin re-accumulation phase seen since March.Despite the prolonged consolidation, BTC was at the same level as in past market cycles after cycle lows.

However, Glassnode stated that the unrealized losses across the LTH cohort were relatively small but were consistent with past re-accumulation phases.The analytics firm added that the recent relief rally boosted STH into profits, a different scenario from the previous few weeks.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends.

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