{"id":91219,"date":"2025-11-20T10:45:14","date_gmt":"2025-11-20T07:45:14","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=91219"},"modified":"2025-11-20T10:50:53","modified_gmt":"2025-11-20T07:50:53","slug":"glassnode-identifies-key-level-signaling-bear-market-phase","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-identifies-key-level-signaling-bear-market-phase\/","title":{"rendered":"Glassnode Identifies Key Level Signaling Bear Market Phase"},"content":{"rendered":"<p>The risk of the market shifting to a bearish trend will arise if the price of the leading cryptocurrency remains below key on-chain indicators, according to analysts at Glassnode.<\/p>\n<p><script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?22\" data-telegram-post=\"glassnode\/1417\" data-width=\"100%\"><\/script><\/p>\n<p>Bitcoin is currently testing the average entry price of active investors at $88,600. A breach of this level and the subsequent market average of $82,000 would mark the first significant confirmation of a bearish trend since May 2022.<\/p>\n<p>Previously, prices had already fallen below the cost basis of short-term holders ($109,800), exerting pressure on them. Now, the $95,000-97,000 range serves as key resistance.<\/p>\n<p>Experts also noted other negative factors:<\/p>\n<ol class=\"wp-block-list\">\n<li>Spot Bitcoin <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETFs<\/a> in the US are experiencing outflows, and new institutional investors are not entering the market.<\/li>\n<li>Open interest in futures is declining, indicating a reduction in traders&#8217; positions.<\/li>\n<li>Participants are actively buying puts to hedge against downside risks, leading to increased implied volatility. The market anticipates significant price swings in the near future.<\/li>\n<\/ol>\n<p>At the time of writing, digital gold is trading around $91,900.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"629\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/img-c0389d60f802871a-10017259411602770-1024x629.png\" alt=\"BTCUSDT_2025-11-20_10-02-03\" class=\"wp-image-270086\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/img-c0389d60f802871a-10017259411602770-1024x629.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/img-c0389d60f802871a-10017259411602770-300x184.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/img-c0389d60f802871a-10017259411602770-768x472.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/img-c0389d60f802871a-10017259411602770.png 1429w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">15-minute BTC\/USD chart from Binance. Source: <a href=\"https:\/\/ru.tradingview.com\/chart\/?symbol=BINANCE%3ABTCUSD\">TradingView<\/a>.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\">&#8220;Most Bearish Phase Since 2023&#8221;<\/h2>\n<p>Analysts at CryptoQuant reported that market conditions for Bitcoin have become the &#8220;most bearish&#8221; since the start of the bull cycle in January 2023. They believe the current correction differs from previous ones, as the price has broken a key technical level.<\/p>\n<p><script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?22\" data-telegram-post=\"cryptoquant_official\/3319\" data-width=\"100%\"><\/script><\/p>\n<p>The main signal was the breach of the 365-day moving average (<a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-moving-average-and-how-is-it-used-in-crypto\">MA<\/a>). In 2022, a drop below this indicator confirmed the start of a prolonged bear market. In the current cycle, the price has not fallen below this benchmark.<\/p>\n<p>Among other negative factors, analysts highlighted:<\/p>\n<ul class=\"wp-block-list\">\n<li>a drop in the CryptoQuant Bull Score index to 20\/100;<\/li>\n<li>a reduction in spot demand;<\/li>\n<li>a slowdown in the growth of <a href=\"https:\/\/u1f987.com\/en\/news\/what-are-stablecoins\">stablecoin<\/a> liquidity.<\/li>\n<\/ul>\n<p>Demand from public companies, which was a significant growth driver, has nearly halted. In recent months, their market capitalization has plummeted by 70-90%, falling below the value of their Bitcoin reserves.<\/p>\n<p>Treasury companies are struggling to attract new capital for cryptocurrency purchases. Strategy activity has also noticeably declined.<\/p>\n<p>Experts believe that bull phases depend not on <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-bitcoin-halving\">halving<\/a> or time frames, but on waves of demand growth. The main part of the current rise has likely already occurred.<\/p>\n<p>Catalysts that pushed the price to $100,000 and $120,000 in 2024-2025 have run their course. The emergence of new powerful drivers, such as the creation of a strategic Bitcoin reserve in the US, is unlikely, and a potential rate cut by the <span data-descr=\"Federal Reserve System of the USA\" class=\"old_tooltip\">Fed<\/span> is already priced in.<\/p>\n<p>The current situation does not imply a sharp collapse, analysts emphasized. Bitcoin&#8217;s price has corrected by 28% and found support in the $90,000-92,000 range. However, the 365-day MA level ($102,600) now serves as strong resistance.<\/p>\n<p>Back in November, analysts at Glassnode <a href=\"https:\/\/u1f987.com\/en\/news\/glassnode-pinpoints-threshold-to-halt-the-bear-trend\">stated<\/a> that bulls need to quickly return the price of the leading cryptocurrency to a level where 75% of coins are in profit\u2014only this has historically prevented a trend reversal.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The risk of the market shifting to a bearish trend will arise if the price of the leading cryptocurrency remains below key on-chain indicators, according to analysts at Glassnode.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Risk of a bearish trend if Bitcoin stays below key indicators, say Glassnode analysts.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-91219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"117","promo_type":"1","layout_type":"1","short_excerpt":"Risk of a bearish trend if Bitcoin stays below key indicators, say Glassnode analysts.","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/91219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=91219"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/91219\/revisions"}],"predecessor-version":[{"id":91220,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/91219\/revisions\/91220"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=91219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=91219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=91219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}