Glassnode: Bitcoin risks continuing to fall due to deterioration in fundamental indicators

Bitcoin could enter a bearish cycle if its fundamentals do not improve soontime, consider in the analytical company Glassnode.

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The GNI index, which reflects the overall state of the Bitcoin blockchain, dropped to 60 points this week, losing 17.8%. Analysts attribute this to a fall in BTC's market value below $ 9,000.

The largest losses were recorded for three indicators:

• investor sentiment;
• network status;
• liquidity.

Source: insights.glassnode.com

Glassnode attributes the fall to a general decline in economic activity, the recent collapse of the BTC price and a slowdown in the accumulation of cryptocurrency in the hands of investors.

In addition, researchers note a decline in activity in the Bitcoin network. This indicator is inextricably linked with the movement of the price of BTC, and its decline may adversely affect the market value of the asset.

If GNI doesn't grow in the coming weeks,Analysts admit a further cryptocurrency drop below $ 9,000. At the same time, Glassnode noted that they were expecting a transition to the bear market after the third bitcoin halving.

Recall, the researchers associated the fall in the price of bitcoin with manipulations on the BitMEX exchange.