Bear Market is Over According to Bitcoin Blockchain Data in These Indicators!

8 Glassnode indicators tracking the recovery process from the Bitcoin bear market are now giving green signals.

Bitcoin On-Chain Indicators May Indicate the End of the Bear Market

On-chain analytics firm Glassnode has released a “Bitcoin bear market recovery” indicator panel that combines different on-chain indicators to determine whether the market is experiencing a healthy and strong recovery from the bear market.

“Overall, Bitcoin investors’ behavior has been extremely consistent throughout cycles, which allows us to find convergence points,” the firm explains. Eight metrics covering four BTC market areas are used here.

The first of these is related to the alignment of the spot price with the 200-day simple moving average (SMA) and the realized price, which are two important pricing models. The realized price is an on-chain pricing model that measures the average market investor’s cost basis.

When the cryptocurrency rises above these two pricing models, it usually indicates a recovery from the bear trend.

The second area of interest is network usage. The relevant indicators are the number of new addresses and miner fee revenue. When these metrics rise, the blockchain is observing more activity, indicating that there is currently higher demand for the currency.