Analytics firm Glassnode says the worst of Bitcoin’s (BTC) capitulation may be over — but there’s a catch
Bitcoin’s (BTC) worst capitulation may be over, according to crypto analytics firm Glassnode.
In a new analysis, Glassnode examines the 14-day, 28-day, and 140-day timeframes of the Market Realized Gradient Oscillator (MGRO), with the latter timeframe suggesting that Bitcoin has been trading in one for many months, according to the analysis Bear market is festivals.
“The 140-day MRGO has consistently posted lower highs since March 2021 and has failed to turn positive in 2022. This underscores macro-bearish market dynamics that have likely been in effect for the past 15 months.
The current extended negative value regime points to the continued negative price action in 2022 and remains in favor of the bears during this phase.
The underlying trend continues to slowly rise, suggesting that a potential longer-term recovery is in force, but suggests that additional endurance and recovery time may be needed.”
Source: Glassnode
MGRO compares market dynamics to capital inflows based on the rate of change between market price and realized price.
The realized price is calculated by taking Bitcoin’s realized market cap, the value of all BTC at purchase price, not the current price, and dividing it by the current BTC supply.
A positive MGRO value indicates bullish momentum, while a negative MGRO value indicates bearish momentum.
Bitcoin is trading at $21,167 at the time of writing. The top-rated crypto asset by market cap is up 0.29% in the last 24 hours.
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