Since the end of February, Bitcoin has been stuck in a narrow price range from $ 76,000 to $ 84 000. Onchain-metrics indicate that there are no signs of the restoration of the cryptocurrency course and the availability of significant demand for the asset by investors.
“A wide descending trend is not broken. There is no reason to believe that a structural and steady transition of the initiative to bulls is formed. The Bitcoin market is still experiencing an emotional and financial hangover, the ends of which are not defined, ”analysts said.
According to experts, after the emergence of signs of impulse weakening and reducing profitability on the market, signs of a bear trend are visible.
However, the bears are also gradually depleted and are unlikely to be able to lower the bitcoin exchange rate below the key level of support of $ 80,000, suggest in Glassnode.
Earlier, Glassnode said that large bitcoin holders, on the account of more than 10,000 BTC, are actively accumulating the first cryptocurrency – since March 11, their balance of cryptocurns increased by 129,000 BTC.
Source: Bits

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