Bitcoin’s ‘euphoria phase’ cools, but a BTC bottom could be near — Glassnode

Data suggests that newer investors are behind Bitcoin’s sell-off, but sell-side exhaustion will eventually mark BTC’s price bottom.

Bitcoin (BTC) price continues its post-halving retrace, which has seen the market transition into a regime of widespread net redistribution, causing the “euphoric phase” to cool off, according to a Glassnode report which identifies the cohort of investors driving the current sell-side activity. 

Bitcoin price has had an impressive run so far in 2024, with the flagship cryptocurrency breaching its all-time high on March 5. BTC has since corrected, consolidating within the $60,000 and $67,500 price range over the last two weeks.

Employing an Accumulation Trend Score, the market intelligence firm reported that BTC’s rise to all-time highs revealed local distribution patterns, mirroring similar structures seen in previous bull runs.

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