Bitcoin’s Rally Lacks Confirmation
The price has improved. The underlying evidence hasn’t.
Bitcoin has rebounded almost 10% from its recent low. After weeks of relentless selling, it’s natural to wonder whether the worst of this bear market might finally be behind us.
Maybe it is. But bear markets are also known for producing rallies that look convincing before fading away.
Rather than trying to guess which one this is, let’s see whether the forces that usually support a lasting recovery are beginning to improve. If they are, the rally deserves our attention. If they aren’t, we should be careful not to read too much into a few strong days.
So let’s look at the data.
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