Glassnode analysts believe that the initiative from the bears has not yet passed to the bulls

The price of bitcoin remains in the range of $16,500–21,100, showing some balance between supply and demand. On-chain markers indicate that the bears have not yet transferred the initiative to the bulls. The risk of a new surge in the redistribution of coins still remains, according to Glassnode analysts.

“Bitcoin is back above the $20,000 psychological level after many months of low volatility. Cryptocurrency could break through near textbook bear market levels,” Glassnode said in its study.

Analysts believe that the formation of the bottom this year may continue if we look at the experience of previous years. The price of bitcoin is currently between the realized value of $21,100 and the balanced price of $16,500. In 2014–2015 and 2018–2019, this phase lasted 10 and about 5 months, respectively.

“This state of acute financial stress has been going on for 3.5 months, which is shorter than similar intervals in previous bear markets,” the experts noted.

Glassnode believes that the market has “broken through the bitcoin bottom with an almost classic resemblance to the lows of the previous cycle.” At the same time, analysts conclude that the markets have not yet recorded a new demand or a transition to a bullish trend.

And at the US bank BNY Mellon, a recent study concluded that 70% of institutional investors “would increase the activity of their digital assets if they had custody and execution services in recognized, reliable institutions.” The report says that about 90% of institutionals are lobbying their plans for the crypto market, despite its fall.

“The study also shows that almost all institutional investors (91%) are interested in investing in tokenized products,” the analysts said.

In addition, BNY Mellon noted that 88% of organizations found it comfortable to work with stablecoins. At the same time, 72% of respondents said that they need an “integrated provider for all digital asset needs.”