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According to data from the digital asset analysis firm Glassnode, recent technical signals in Bitcoin 
$111,044 indicate a potential long-term downward movement in the market. This analysis is based on the comparison of volume-weighted average prices (VWAP) over the past one and six months.
Bitcoin May Experience Declines
Glassnode explains that the VWAP indicator reflects the average price calculated based on trading volume over a given time period. This method provides a different perspective compared to traditional technical analysis tools, allowing for a more direct monitoring of market sentiment.
Recently, an increasing trend of selling among short-term investors may have triggered this bearish expectation.
Expert Insights on Bitcoin
Glassnode notes that the VWAP calculated over the last month has begun to fall below the six-month average. This situation suggests a weakening of market momentum, and historically, similar indicators have preceded periods of decline lasting three to six months.
Glassnode states: “As an on-chain analogy, the 30-day VWAP falling below the 180-day VWAP reflects weakening momentum. This formation has historically been observed before negative market movements lasting three to six months.”
Regarding this analytical method, the firm aims to adapt the traditional concept of “death cross” to market sentiment using on-chain data. This approach seeks to provide a more comprehensive analysis by considering when and how much capital is moving.
Glassnode adds: “This approach directly reflects market sentiment using on-chain price data. By taking into account both time and trading volume, it is possible to obtain more realistic data.”
At the time of the report, Bitcoin was trading around $82,040, having lost 5.4% in value over the past 24 hours. Recently, Ki Young Ju also indicated that we have technically entered a bear market and can expect a decline lasting 6-12 months.
The analysis results contain warnings that, in light of historical data, market trends may continue. Overall, it is noted that the data obtained through this analytical method offers an alternative approach to measuring market sentiment. These insights could serve as additional information for those looking to assess risks and develop strategies.
