According to the latest report released by Glassnode, many indicators indicate that the market is entering the “deepest phase of the bear cycle.”
According to the observations of the researchers, the fundamental indicators have worsened. Now even long-term crypto holders are suffering significant losses.
The market is significantly influenced by macroeconomic factors, including consumer price index in the US at around 8.6%, treasury yield curve inversion and dollar index rally (DXY).
Bitcoin has shown 10 red candles over the past 11 weeks against these events.
Glassnode analysts have noted:
“Despite the fact that many macro indicators continue to indicate oversold, Bitcoin is still correlated with traditional markets. Prices are falling accordingly.”