Analysis: Bitcoin bullish signal reappears or awaits new highs

PANews May 19 news, according to Matrixport analysis, the Bitcoin market capitalization to realized market capitalization ratio bull-bear market indicator has re-entered the bullish zone. This reversal of on-chain data is usually quite rare and only occurs with a change in direction within a few weeks. A similar situation occurred in 2020, when it was considered a slowdown in the mid-cycle. Analysts point out that the positive changes in current indicators may indicate that Bitcoin is likely to reach new all-time highs. Although technical analysis and market outlook often lead on-chain data, the emergence of confirmatory indicators still holds significant reference value. If the indicator can maintain positive momentum, the price of Bitcoin may further break through.