**Bitcoin Bounces Back: Onchain Metrics Signal Potential Shift**
Bitcoin has made a notable recovery, climbing to $66,000 after dipping below $60,000 earlier this week. This marks the first higher high since its March peak of $73,835. Glassnode analysts suggest that Bitcoin might be nearing a significant phase shift, with its recent price action mirroring past cycles from 2015-16 and 2019-20.
Key insights include:
- A 26.5% rally from a low of $52,550 on Sept. 6 to a three-month high.
- Long-term holders (LTHs) are increasing their positions, a bullish signal.
- The long/short-term holder supply ratio is at its highest since June 2021.
- Short-term holders (STHs) are seeing improved profitability, with 62% of their supply now in profit.
These metrics indicate that Bitcoin investors are in a stronger position, making this a pivotal moment for BTC.