As Glassnode analysts have said in their latest report, in spite of numerous macroeconomic and geopolitical challenges, Bitcoin is very likely to move into the second half of the bear market.
The price of digital gold broke through the upper limit of the three-month range last week at $47,000. Active coin accumulation in the $35,000-42,000 range and the absence of significant spending of Bitcoins purchased during the first quarter of 2021 outweighed the selling pressure.
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The proportion of Bitcoins "aged" over a year has grown by 9.4% over the past eight months to close at a record 62.9%. The owners of these coins did not dispose of the asset in the face of two corrections of more than 50% recorded over the past year. The growth rate of the indicator is comparable to the market recovery in 2018-2019.
According to the company's analysts, the process of bottoming out and capitulation of investors in a bear market is often a long and painful process. They have urged not to rush to declare the end of the bear market.
In part, this attitude is due to situations where, during a rally within a downtrend, one can see bursts of selling by hodlers.