Bitcoin Holds Strong at $85K: No Bear Signals, Says Glassnode

Bitcoin's current market dynamics are defying historical bear market patterns, as revealed by Glassnode's latest analysis. While short-term holders face significant losses, long-term holders remain resilient, with no signs of unrealized losses—a key indicator of bear market confirmation. This intriguing divergence raises questions about the cryptocurrency's future trajectory amidst its steady performance around the $85,000 mark.

This Bitcoin Bear Confirmation Is Yet To Appear, Glassnode Reveals

According to a report by Glassnode, a prominent on-chain analytics firm, the current Bitcoin market cycle has not yet shown a historical bear market confirmation. The report highlights the "Unrealized Loss" metric, which measures the total loss carried by Bitcoin addresses. This metric is particularly significant for understanding market trends.

Glassnode introduced a new variant of this metric called "Unrealized Loss per Percent Drawdown," which normalizes losses relative to the percentage decline from Bitcoin's all-time high. The report reveals that short-term holders (STHs), who acquired Bitcoin within the last 155 days, are experiencing substantial losses. However, long-term holders (LTHs), who have held Bitcoin for more than 155 days, are not currently facing unrealized losses. Historically, significant unrealized losses among LTHs have marked the onset of bear markets, but this signal has not yet appeared in the current cycle.

"Historically, substantial expansions in unrealized losses among long-term holders have often marked the confirmation of bear market conditions, albeit with a delay following the market peak," Glassnode noted.

At the time of the report, Bitcoin's price was trading sideways around $85,000, indicating a pause in its recovery rally.

Holder Type	Unrealized Loss Status
Short-Term Holders	Substantial Losses
Long-Term Holders	No Unrealized Loss

Key Takeaway: The absence of unrealized losses among long-term holders suggests that a bear market confirmation has not yet materialized, despite significant losses for short-term holders.

Bitcoin Tests $85,000 Level Amid Choppy Trading Week

CNBC reported that Bitcoin has reached the $85,000 level as Wall Street concluded a volatile trading week. This milestone reflects Bitcoin's resilience and its ability to maintain high valuation levels despite market fluctuations. The cryptocurrency's performance continues to attract attention from traders and investors alike.

While the broader financial markets experienced turbulence, Bitcoin's price stability at this level underscores its growing role as a significant asset in the global financial ecosystem. Analysts are closely monitoring its movements to gauge future trends.

Key Takeaway: Bitcoin's ability to sustain the $85,000 level highlights its strength amid market volatility, reinforcing its position as a key player in the financial landscape.

Gary Gensler Embraces Bitcoin Maximalism Post-SEC Tenure

In his first public interview since stepping down as SEC Chair, Gary Gensler expressed strong support for Bitcoin, describing it as a resilient asset with staying power. Speaking on CNBC's "Squawk Box," Gensler likened Bitcoin to precious metals, emphasizing its unique position compared to other cryptocurrencies, which he dismissed as "sentiment-driven memes."

Gensler's remarks come as the SEC, under new leadership, has retreated from several high-profile enforcement actions against crypto firms. During his tenure, Gensler initiated over 150 crypto-related cases, arguing that most tokens, except Bitcoin, qualify as unregistered securities. His recent comments reinforce his belief in Bitcoin's long-term viability while casting doubt on the sustainability of other digital assets.

"I think the distinction is similar to in metals, there’s only two or three precious metals. We humans have a certain fascination with two or three precious metals like gold," Gensler stated.

Key Takeaway: Gensler's endorsement of Bitcoin as a unique and enduring asset underscores its dominance in the cryptocurrency market, while his skepticism toward other tokens highlights ongoing regulatory challenges.

Arizona Advances Crypto Reserve Bill

Cointelegraph reported that Arizona's Strategic Digital Assets Reserve Bill (SB 1373) has passed the House Committee of the Whole and is now one vote away from reaching Governor Katie Hobbs' desk. The bill proposes the creation of a Digital Assets Strategic Reserve Fund, managed by the state treasurer, to include digital assets seized through criminal proceedings. The treasurer would be allowed to invest up to 10% of the fund annually in digital assets.

However, the bill faces potential challenges as Governor Hobbs has recently vetoed several bipartisan bills. Additionally, SB 1373 may merge with another crypto-related bill, SB 1062, which seeks to expand the definition of legal tender to include cryptocurrencies.

Key Takeaway: Arizona is making significant strides in crypto legislation, but the bill's future depends on overcoming political hurdles and potential vetoes.

Einschätzung der Redaktion

Die Analyse von Glassnode zeigt, dass der Bitcoin-Markt trotz der Verluste bei kurzfristigen Haltern noch keine klassischen Anzeichen eines Bärenmarktes aufweist. Dies deutet darauf hin, dass langfristige Investoren weiterhin Vertrauen in die Stabilität und das Potenzial von Bitcoin haben. Diese Resilienz könnte die Grundlage für eine zukünftige Erholung bilden, insbesondere wenn externe Marktbedingungen stabil bleiben. Dennoch bleibt die Situation für kurzfristige Halter angespannt, was auf eine mögliche Marktvolatilität hinweist.

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