{"id":527360,"date":"2023-04-18T20:00:07","date_gmt":"2023-04-18T20:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=527360"},"modified":"2024-06-11T07:06:32","modified_gmt":"2024-06-11T07:06:32","slug":"glassnode-8-8-bitcoin-on-chain-recovery-bear","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/glassnode-8-8-bitcoin-on-chain-recovery-bear\/","title":{"rendered":"Glassnode: 8\/8 Bitcoin On-Chain Indicators Confirm Recovery From Bear"},"content":{"rendered":"

8 of 8 Glassnode indicators tracking the recovery progress from the Bitcoin bear market are now displaying green signals.<\/p>\n

Bitcoin On-Chain Indicators May Suggest The Bear Market Is Behind Us<\/h2>\n

The on-chain analytics firm Glassnode<\/a> released a “recovering from a Bitcoin bear” dashboard that combines different on-chain indicators to know whether the market is making a healthy and robust recovery from the bear market.<\/p>\n

“Generally speaking, the behavior of Bitcoin investors has been remarkably consistent over cycles, which allows us to develop tools that find confluence,” explains the firm. Eight metrics are being used here, covering four areas of the BTC market.<\/p>\n

The first of these areas involves the spot price’s alignment relative to two key pricing models: the 200-day simple moving average (SMA) and realized price<\/a>. The realized price is an on-chain pricing model that measures the average market investor’s cost basis.<\/p>\n

Whenever the cryptocurrency breaks above these two pricing models, it’s generally a sign that the market is recovering from a bearish trend.<\/p>\n

The second area of interest is the state of network utilization. The relevant indicators are the number of new addresses and miners’ fee revenue. When these metrics rise, it means the blockchain is observing more activity, and hence, there is currently higher demand for the coin.<\/p>\n

Related Reading: Bitcoin Bearish Signal: Exchange Whale Ratio Spikes<\/a><\/div>\n

Profitability-related indicators are the third batch being combined in this dashboard, as they are useful for checking whether the selling pressure has exhausted and whether the market can absorb any sell-side.<\/p>\n

Finally, there is the topic of long-term holders<\/a> (LTHs). Bear market bottoms form when these investors get the maximum share of the supply, while recovery happens as the LTHs start spending and new demand flows in to absorb this selling.<\/p>\n

Now, here is a chart that shows what these indicators are signaling regarding the current state of the Bitcoin sector:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the indicators have lit up in recent days | Source: Glassnode's The Week Onchain - Week 16, 2023<\/a><\/pre>\n
As you can see above, the graph has turned dark recently, suggesting that eight Bitcoin indicators signal recovery from the bear market.<\/p>\n
Related Reading: Bitcoin Supply Structure Very Similar To Early 2019, Bull Run Ahead?<\/a><\/div>\n
In the chart, it’s also visible that this signal has held during past cycles as well, as the cryptocurrency’s price has generally gone on to rally after the formation of this pattern.<\/p>\n
The April 2019 rally<\/a>, a run that’s quite reminiscent of the current one as it was also a recovery rally out of the bear market lows, saw the formation of this pattern midway through it as well.<\/p>\n
Based on all these indicators recently entering into the cryptocurrency’s positive territory again, Glassnode believes “the Bitcoin bear could very well be behind us.”<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $30,200, up 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
The price of BTC seems to have recovered above $30,000 over the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Michael F\u00f6rtsch on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
8 of 8 Glassnode indicators tracking the recovery progress from the Bitcoin bear market are now displaying green signals. Bitcoin On-Chain Indicators May Suggest The Bear Market Is Behind Us The on-chain analytics firm Glassnode released a “recovering from a Bitcoin bear” dashboard that combines different on-chain indicators to know whether the market is making a healthy and robust recovery from the bear market. “Generally speaking, the behavior of Bitcoin investors has been remarkably consistent over cycles, which allows us to develop tools that find confluence,” explains the firm. Eight metrics are being used here, covering four areas of the BTC market. The first of these areas involves the spot price’s alignment relative to two key pricing models: the 200-day simple moving average (SMA) and realized price. The realized price is an on-chain pricing model that measures the average market investor’s cost basis. Whenever the cryptocurrency breaks above these two pricing models, it’s generally a sign that the market is recovering from a bearish trend. The second area of interest is the state of network utilization. The relevant indicators are the number of new addresses and miners’ fee revenue. When these metrics rise, it means the blockchain is observing more activity, and hence, there is currently higher demand for the coin. Related Reading: Bitcoin Bearish Signal: Exchange Whale Ratio Spikes Profitability-related indicators are the third batch being combined in this dashboard, as they are useful for checking whether the selling pressure has exhausted and whether the market can absorb any sell-side. Finally, there is the topic of long-term holders (LTHs). Bear market bottoms form when these investors get the maximum share of the supply, while recovery happens as the LTHs start spending and new demand flows in to absorb this selling. Now, here is a chart that shows what these indicators are signaling regarding the current state of the Bitcoin sector: Looks like the indicators have lit up in recent days | Source: Glassnode’s The Week Onchain – Week 16, 2023 As you can see above, the graph has turned dark recently, suggesting that eight Bitcoin indicators signal recovery from the bear market. Related Reading: Bitcoin Supply Structure Very Similar To Early 2019, Bull Run Ahead? In the chart, it’s also visible that this signal has held during past cycles as well, as the cryptocurrency’s price has generally gone on to rally after the formation of this pattern. The April 2019 rally, a run that’s quite reminiscent of the current one as it was also a recovery rally out of the bear market lows, saw the formation of this pattern midway through it as well. Based on all these indicators recently entering into the cryptocurrency’s positive territory again, Glassnode believes “the Bitcoin bear could very well be behind us.” BTC Price At the time of writing, Bitcoin is trading around $30,200, up 1% in the last week. The price of BTC seems to have recovered above $30,000 over the past day | Source: BTCUSD on TradingView Featured image from Michael F\u00f6rtsch on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":527418,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,7104,88137,1119,1144,61309],"class_list":["post-527360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bear-market","tag-bitcoin-bear-market-recovery","tag-btc","tag-btcusd","tag-glassnode"],"acf":[],"yoast_head":"\nGlassnode: 8\/8 Bitcoin On-Chain Indicators Confirm Recovery From Bear<\/title>\n<meta name=\"description\" content=\"8 of 8 Glassnode indicators tracking the recovery progress from the Bitcoin bear market are 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Glassnode: 8\/8 Bitcoin On-Chain Indicators Confirm Recovery From Bear","url":"http:\/\/wncen.com\/news\/glassnode-8-8-bitcoin-on-chain-recovery-bear\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/glassnode-8-8-bitcoin-on-chain-recovery-bear\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/michael-fortsch-AzSI1Uxm760-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/michael-fortsch-AzSI1Uxm760-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bear market","bitcoin bear market recovery","btc","btcusd","glassnode"],"dateCreated":"2023-04-18T20:00:07Z","datePublished":"2023-04-18T20:00:07Z","dateModified":"2024-06-11T07:06:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Glassnode: 8\\\/8 Bitcoin On-Chain Indicators Confirm Recovery From Bear\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/glassnode-8-8-bitcoin-on-chain-recovery-bear\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/glassnode-8-8-bitcoin-on-chain-recovery-bear\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/michael-fortsch-AzSI1Uxm760-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/michael-fortsch-AzSI1Uxm760-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bear market\",\"bitcoin bear market recovery\",\"btc\",\"btcusd\",\"glassnode\"],\"dateCreated\":\"2023-04-18T20:00:07Z\",\"datePublished\":\"2023-04-18T20:00:07Z\",\"dateModified\":\"2024-06-11T07:06:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/michael-fortsch-AzSI1Uxm760-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/527360"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=527360"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/527360\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/527418"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=527360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=527360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=527360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}