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Bear Market to Stay: BTC Price Down 1.5% in Last 7 Days

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• The Bitcoin (BTC) market is in a bearish phase with the price declining by more than 1.5% in the last seven days and the Taker Buy/Sell ratio not showing any clear direction.
• CryptoQuant’s data indicates that the BTC exchange reserve is increasing and the Glassnode’s data shows that the supply of BTC in profit is reaching a 1-month low.
• These metrics suggest that the bear market might sustain for a while and investors need to be patient before seeing a surge in the price.

The Bitcoin (BTC) market has been in a bearish phase in recent weeks, with the price declining by more than 1.5% in the last seven days according to CoinMarketCap. At the time of writing, the king coin was trading at $16,654.85 with a market capitalization of over $320 billion.

Analysis of the market reveals that the bear phase might sustain for a while. CryptoQuant’s data indicates that the BTC exchange reserve is increasing, which suggests higher selling pressure and could be an indication of a market bottom. Furthermore, Glassnode’s data shows that the supply of BTC in profit is reaching a 1-month low, which is a bearish signal.

The Taker Buy/Sell ratio, which is used to examine the prevailing sentiments on the derivatives market, is also not showing any clear direction. This is because it is bouncing around 1, and unlike previous patterns, there is no visible direction to these swings since August 2022. This reduces the chances of an unprecedented surge in the short term.

Therefore, investors need to be patient and wait for the market to stabilize before witnessing a price pump. Furthermore, they need to keep an eye out for any new developments and data that could influence the market. This could help them make informed decisions that could lead to profitable investments.