Three On-Chain Indicators for Bitcoin Remain in Negative Territory

Bitcoin shows signs of recovery following recent declines, but on-chain data indicates that the bullish cycle has not yet been confirmed. Crypto analyst Ali Martinez points out that Bitcoin's aSOPR, Puell Multiple, and Reserve Risk Multiple indicators continue to remain below the zero level. These three indicators generate signals about investor behavior and miner profitability. Their persistence in negative territory suggests that the accumulation phase in the market is ongoing. Bitcoin is currently trading at $64,294, with a 24-hour trading volume of $20.37 billion and a market capitalization of $1.29 trillion. The recorded 0.69% increase in the last 24 hours indicates that buying interest has not completely vanished. Short-term technical indicators paint a positive picture; the RSI has risen to 53.93, while the MACD value stands at -287.91. However, a clear confirmation for a broader bullish cycle has yet to arrive. Market observers are monitoring whether the aSOPR indicator will rise above zero. If Bitcoin remains above current support levels, additional upside potential may develop.

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