, the largest cryptocurrency has rallied strongly off the bottom, reaching above the $23k mark. So does this imply the beginning of the bull market?on 1 August shed some insight on this narrative. The report assessed if the current market momentum was a vote to the bear market rally.Bitcoin would need to do more to escape the looming bear trap as per the report.
Glassnode in the graph noted this as a “low bear market demand profile” which has been in effect essentially since last December.Two more indicators painted a similar sketch- Namely, the number of transactions per second and the total transaction fees. Even the demand for on-chain transactions had dried up, similar to the one established in the 2018-2019 period.
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