Bitcoin shows first on-chain bottom signal, analyst says

The first on-chain signal of a potential Bitcoin bottom has been observed, according to on-chain analyst MorenoDV. He noted that the Bitcoin UTXO block profit/loss ratio has dropped to a level historically associated with market bottoms. However, he clarified that this does not mean a bottom has already formed. For a stronger signal to emerge, the 365-day moving average would need to show a much steeper decline. In other words, the current bear market could still face additional declines and market shocks before it is completely over, he explained.