Bitcoin is currently in a transitional phase as it shows signs of recovery from the previous bear market, according to a CryptoQuant analyst.
The bull-bear market cycle indicator from CryptoQuant highlights the recurring cycles of Bitcoin, alternating between overbought and oversold phases.
Although short-term selling pressure still exists, fundamental indicators such as low selling pressure from miners and long-term holders present positive signs.
Technical indicators suggest a potential short-term peak and volatility may continue as the market finds its footing.