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Here’s Why the Bitcoin Bull Market is Still Intact According to Glassnode

Here’s Why the Bitcoin Bull Market is Still Intact According to Glassnode
According to crypto analytics platform Glassnode, the bull market for Bitcoin is still intact despite its recent correction from the all-time high of $108,000. Glassnode uses the market value to realized value ratio (MVRV) Z-score on a 1-year rolling basis to determine pivot points in the near term. It found that as long as Bitcoin trades above the mean, it remains bullish. At the moment, Bitcoin is trading at $99,000, which Glassnode considers to be in bullish territory. Glassnode also noted that there is little distress in the market, with only 2-3.5 million coins in loss compared to 4-8 million coins in previous bear markets. However, there is a potential risk of a sell-off if the price continues to trade below the short-term holder (STH) cost basis, which Glassnode sets at $88,400.

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