Bitcoin Enters Bear Market Recovery Phase

It’s been just reported by the important firm Glassnode that Bitcoin has just entered a bear market recovery phase. Check out the latest reports about this below.

It’s been just revealed that the Glassnode on-chain metrics firm recently stated the fact that the Bitcoin bear market could be soon over, and we can expect massive moves made by the king coin.

As the online pubcalition the Daily Hodl notes the fact that Glassnode’s “Recovering from a Bitcoin Bear” signal combines eight different metrics that analyze four primary factors: “whether the market is trading above key price models, whether there have been any upticks in on-chain activity, whether the market is realizing profits and the level of long-term holder supply dominance.”

It’s also worth noting the fact that all of the signal’s eight metrics currently look bullish for Bitcoin and indicate the fact that BTC could be in the early stages of a bull market.

The pseudonymous crypto analyst Negentropic, one of Glassnode’s co-founders, also notes that momentum is currently shifting from memecoins to layer-2 protocols and artificial intelligence (AI) projects.

“This is likely by smart money taking profits and buying value at a discount. Bullish sign for Bitcoin and crypto. Shorts are swimming against the tide.”

Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in thye red and the king coin is priced at $27,324.

According to the latest reports coming from the online publication the Daily Hodl, the European Union (EU) has now passed comprehensive legislation to regulate the cryptocurrency industry.

The Markets in Crypto Assets (MiCA) regulation will create a uniform set of rules for crypto across the EU and was passed unanimously on Tuesday.

“Crypto companies will need to obtain a license from national regulators and adhere to strict rules under the MiCA regulation,” the same notes revealed.

This framework will also establish supervision for crypto markets, granting regulators the power to investigate and prosecute cases of market manipulation and fraud.