Is Bitcoin entering a bear market? Critical indicator says yes

  • Glassnode warns that Bitcoin breaching the short-term holder (STH) cost basis historically signals the onset of bear markets.
  • Bitcoin’s drop below key support levels at $92,000 and $90,000 raises concerns about its ability to sustain a recovery amidst bearish market conditions.

Analytics firm Glassnode has issued a warning that Bitcoin is possibly nearing the end of its bull market. 

Glassnode is monitoring Bitcoin’s short-term holder (STH) cost basis, a key metric representing the average acquisition price of BTC held for less than 155 days. Historical data suggests that Bitcoin usually transitions into bearish territory when its price drops below this threshold. 

Currently, the technical landscape appears bearish, with Bitcoin falling below the significant support at $92,000 and dipping under $90,000 for the first time since November. This level could serve as a pivot point, presenting a possible bullish bounce. However, with risk assets under pressure, Bitcoin may struggle to achieve a sustained price recovery. 

For the exact date and time of these major economic events, import the BlackBull Markets Economic Calendar to receive alerts directly in your email inbox.        

    

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