The price of Bitcoin (BTC) saw a minor correction on the day as the global stock market pulled back.
The top cryptocurrency dropped by nearly 8% in the last 24 hours, retracing most of the gains it recorded during yesterday’s rally on March 3.
Bitcoin bull run is still at an early to mid stage
According to William Clemente, a cryptocurrency analyst, Glassnode’s Reserve Risk indicator shows that Bitcoin’s rally is still in the early to middle stage.
As Clemente explains, the Reserve Risk is defined as price/HODL Bank. The indicator is “used to assess the confidence of long-term holders relative to the price of the native coin at any given point in time.”
Bitcoin Reserve Risk. Source: Glassnode
Hence, if the Reserve Risk is still relatively low compared to previous peaks, it shows that Bitcoin is not at risk of nearing a macro top.
Currently, the Reserve Risk of Bitcoin is at half the level seen in 2013, 2014, and 2017, when the price of Bitcoin crashed by well over 50% and entered a bear market.
Moreover, despite theTitle: Bitcoin bull run is still in the early stages, key on-chain indicator shows
Sourced From: cointelegraph.com/news/bitcoin-bull-run-is-still-in-the-early-stages-key-on-chain-indicator-shows
Published Date: Thu, 04 Mar 2021 13:00:00 +0000