Bitcoin Remains In Bearish State Despite Recent Surge — Here’s Why

Although the Bitcoin price has recently displayed swift recovery to the upside, the broader picture still mirrors a bleak future for the flagship cryptocurrency. A new on-chain evaluation has surfaced, which suggests that Bitcoin’s recent price recovery could be happening within a broader, weak trend, with macroeconomic factors acting as the major influences. Related Reading: Bitcoin Could Drop To $70K As Bank Of Japan Rate Move Approaches—Analysts Weak Japanese Yen Fails To Ignite Crypto Risk Appetite In a QuickTake post on CryptoQuant, education group XWIN Research Japan explains reasons to believe that the Bitcoin market is merely at a “post-rebound adjustment” phase, rather than being underway to a full-scale price recovery. The research and education institution begins by pointing out the rate increment to 0 source: https://www.newsbtc.com/news/bitcoin/bitcoin-remains-in-bearish-state-despite-recent-surge-heres-why/