<ul><li>On-chain data suggests that Bitcoin rebounds may not indicate a shift towards bullish momentum.</li><li>Glassnode's Realized Profit/Loss Ratio for Bitcoin measures the ratio between profit and loss realized by holders or addresses.</li><li>During recent lows, the indicator has shown loss-taking being more dominant than profit-taking, signaling seller exhaustion.</li><li>Although there have been short-term rebounds, the 90-day SMA of the Realized Profit/Loss Ratio suggests a broader downtrend, indicating weaker liquidity and declining investor profitability.</li></ul>

Bitcoin Keeps Rebounding—But Is Momentum Really Turning Bullish?

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