Glassnode: Bitcoin’s Recovery Rally Might Not Continue

Reading Time: < 1 minute

According to Glassnode analysts, the recovery of Bitcoin and Ethereum prices in recent days has not been accompanied by a fundamental improvement in on-chain indicators, which does not give confidence in a fundamental change in the market situation.

Doubts that the upward dynamics after overcoming the realized price by quotations will continue, forms the state of on-chain indicators.

The number of active Bitcoin addresses remains within the downtrend channel. The peak hit in October-November was lower than that reached in April last year all-time high.

With the exception of brief bursts during periods of capitulation, network activity remains subdued, suggesting a small influx of new demand.

Follow and like us on