Bitcoin Crosses $30K Again, But Full Bull Run Still Awaited: 2 Key Reasons Why

Bitcoin BTC/USD, the world’s most popular cryptocurrency, has again broken the crucial $30,000 milestone. 

What Happened: The latest surge sparked hopes that we may be entering a full bull trend. However, according to data analytics firm Glassnode, the market is still transitioning.

Historical data shows that previous transitional periods lasted between 459 and 770 days, suggesting that investors still need to exercise patience. 

The current transition phase, assuming November’s lows, has lasted 227 days, and the bear market has persisted for 593 days as of this writing.

The Greed and Fear Index on Monday indicated a score of 55, which suggests that market sentiments were inclined towards Greed. The Index measures the degree of fear or greed within the market, with a score of zero indicating “Extreme Fear” and a score of 100 indicating “Extreme Greed”.

Transition periods tend to see prices bounded between the Realized Price 🟠, and the Realized Price + 0.5 standard deviation band 🔵. Since setting each cycle low, the following proportion of trading days have been between these boundaries:

2012-13 Cycle = 79%
2015-17 Cycle =… pic.twitter.com/0Pq7lMNLZK

— glassnode (@glassnode) June 24, 2023

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Why It Matters: Glassnode’s latest data suggests there was a continuous decrease in the amount of Bitcoin that is being held in exchanges.

The on-chain data shows a decline of over 11.7% in the total BTC supply, which translates to approximately 2.3 million BTC being withdrawn from the exchanges in the last 30 days.

Data from Coinglass shows that over the last 24 hours, the number of traders being liquidated has been recorded at 29,862 with a total liquidation value of $69.01 million. The most substantial single liquidation order was observed on OKX, which was in BTC-USDT-SWAP and was valued at $1.10 million.

Price Action: At the time of writing, Bitcoin was trading at $30,207, down 1.61% in the last 24 hours, according to data from Benzinga Pro. 

Read Next: Bitcoin Clings To $30K, Ethereum, Dogecoin Dip Despite SEC Nod For Crypto Futures ETF: Analyst Predicts Apex Crypto Target In ‘Likely’ Capitulation

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