Is Bitcoin’s recovery in danger? – This metric mirror level “bear market market”

• The BTC network fell below the annual movable average, signaling the “bear market market” level.
• But Grenede noted that some whales were accumulating despite the price weakness.

Bitcoin (BTC) The network adoption has switched to the level of “bear markets” and could demolish any expected strong recovery in the short term.

According to an analyst on the JA Martun chain, BTC network activity ‘slow‘Below the annual movable average (365-day ma). This mirror level of “bear markets” seen in 2022 and 2018.

The indicator monitors the key elements of the network adoption, including active addresses, demand for a block of space and the number of transactions per block.

According to the chart, historically, such a slowdown in adoption limited the BTC upside down in the short term.

BTC – Is the accumulation?

Even the recent Kita and Rudar movements leaned against the upper weak feeling. By the second separate cryptoquant updateThe whales were full of 30k BTC last week. It’s almost $ 2.5 billion, assuming an average of $ 82,000 per BTC.

In addition, the miners conveyed half of the amount discarded with whales (15k BTC) because their profit margin decreased to 33%, Cryptoquant said.

These permanent downward pressures withdrew the BTC buildup to the lowest level of February.

Nevertheless, BTC remained above $ 80,000 over a week. According to the Bloomberg ETF analyst Eric Balchunas, BTC Resilience Resilience, was created because of the strong American BTC ETF and large offers of Michael Saylor.

For its part, the loudspeaker stated that some whales are already competing at current levels despite the weakness, citing a metric with the result of the trend of accumulation.

“Bitcoin’s trend of accumulation trends is currently 0.34 is the highest from the year to the present. This suggests that, aggregate, wallets begin to re-enter the accumulation, and the larger cohorts are modestly entering despite the recent price weakness.”

Simply put, some big players did not look at current values ​​as a level of sales, but the input levels they would add to positions.

However, the premium Coinbase Index showed that the demand of US retailer is at a neutral level and that it can go in any direction.

A constant move with a larger premium Coinbase Index could increase increased demand for BTC recovery for extension. On the contrary, a lower decline would withdraw the BTC prices.