Amidst Bitcoin breaking above $78,000 for the first time since mid-January, an analysis suggests that the end of the bear market can only be expected once the $80,000 resistance level is decisively breached. On-chain analytics firm Glassnode stated in a report, "If BTC recovers $80,000, more than 54% of recent BTC investors will enter a profit zone. This aligns with past signals of a bear market ending. As spot BTC demand and ETF funds gradually flow in, individual and institutional investors have started re-entering the market, leading to a price rebound." The report continued, "However, a cautious atmosphere is still detected in the derivatives market. Funding rates consistently remain negative, indicating a dominance of short positions. The increase in realized profits combined with low volatility suggests that market confidence is still lacking. Overall, the market appears to be in a gradual recovery phase, but further confirmation is needed. For BTC to break above $80,000, spot buying and ETF fund inflows must continue, and if the current price level cannot be maintained, low liquidity could lead to a sharp decline."
