The recent fluctuations in Bitcoin's price have stirred interest, as BTC appears to be bouncing back from its recent lows. However, on-chain analytics suggest that the cryptocurrency is not yet out of the bear market phase. This implies that, despite improvements in some technical aspects, Bitcoin is still in the accumulation stage, as indicated by certain blockchain metrics.

As of the latest update, Bitcoin is trading at $64,294, with a trading volume of $20.37 billion over the past 24 hours and a market cap of $1.29 trillion. The recent uptick of 0.69% in price highlights the persistent buying interest amid broader market uncertainties.

Renowned crypto analyst Ali Martinez highlighted key indicators that suggest Bitcoin remains in bear territory. According to him, three critical on-chain metrics the aSOPR, Puell Multiple, and Reserve Risk Multiple are still trading below the neutral threshold. These metrics help gauge investor behavior, mining profitability, and overall confidence within the Bitcoin ecosystem.

The fact that all three indicators continue to indicate negative sentiment suggests that the market is still in a prolonged accumulation phase. Many investors are still selling their holdings at losses, and overall mining profitability remains low, signaling a lack of renewed confidence among long-term holders.

Martinez further stated that a crucial sign of potential market reversal would be the aSOPR rising above zero. Accompanying confirmations from the Puell Multiple and Reserve Risk Multiple would provide a clear signal that a new bull run may be starting.

While the long-term on-chain data remains cautious, there are signs of short-term positive momentum for Bitcoin. Currently sitting at $64,294, the Relative Strength Index (RSI) has climbed to 53.93. Furthermore, the MACD has shown positive movement, with its value crossing over the signal line, suggesting increasing buying strength.

If Bitcoin price can maintain its current support levels, there may be more upward movement in the coming days. Investors are encouraged to keep a close eye on these developments as they could indicate a significant shift in market trends.

This material is for informational purposes only, and should not be considered as financial advice.