burakkesmeci
Has the Bitcoin Bull Market Arrived?
My answer is a clear no. Why? Macroeconomic risks are still on the table — tight liquidity, elevated interest rates, bond market pressure, and more. On top of that, looking at Bitcoin's own internal dynamics, a bull market requires a weekly close above the STH Realized Price first, then above the SMA365. Have we seen either of those? Again, no. However, Bitcoin trading above its max pain and POC levels ($70K) does open up room for a move toward the STH RP in the $82-85K range. Even so, this would only be a relief rally — a short-term bounce, nothing more. A major trend reversal requires more than this. Cheap money is still not back. Don't forget that.