Will Bitcoin Recover? 🔁

Amidst Bitcoin's recent #dip to $38,500, signs of a potential recovery emerge.

The introduction of the first US spot Bitcoin ETFs faced challenges, with the Grayscale Bitcoin Trust (#GBTC ) experiencing outflows, possibly tied to its conversion.

On-chain metrics, specifically the Advanced Network Value to Transaction (#NVT ) Signal, suggests oversold conditions, mirroring the 2022 bear market.

Long-term holders (LTHs) displayed capitulatory behavior, sending coins to exchanges at a loss, raising concerns of a deeper downturn.

As the industry debates whether Bitcoin has bottomed, attention remains on ETF flows, institutional moves, and hodler sentiment.

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#crypto2024