Bitcoin [BTC] manages to see some green on the charts, but here’s the caveat

ambcrypto.com:

Although Bitcoin [BTC] may have successfully put out a fire at the moment and may be catching its breath in peace, the real question here is that is the king token far enough from the site of a disaster, or does the path to complete recovery merely circle around the reds even now?

At press time, the token stood at $30,548. Although considerably lower than its price at the beginning of the month, the token was definitely in a much better shape, especially considering the volatility in May.

Despite the king token taking a moment to itself, it may seem that the rest period of the token is short-lived. As per the data from Glassnode, the daily netflow of the king token stood at -$35.8 million, depicting the movement of the token from exchanges to wallets. However, the weekly netflow showed a different story altogether. The weekly netflow of BTC stood at $319.9 million.  Furthermore, the percent of supply active in the last five years also reached an all-time high and stood at23.17% as of 30 May 2022.

At the time of writing, the MVRV ratio stood at a score of 1.24. Although in a better shape than 27 May’s 1.20, the slight spike in the score still doesn’t change the fact that the token is still lurking in the shadows of the bear market.

Source: Glassnode

Furthermore, the NVT ratio experienced a spike and stood at 53.16 as of 29 May indicating an ongoing inclination towards the bears.

Source: Glassnode

As per additional data from Glassnode, the number of addresses with BTC balance of more than 1k and 100k also witnessed a decline and stood at 2,210 and 95 respectively.

At the time of writing, the bitcoin fear and greed index stood at a score of 10 after dropping by 4 points. The fear and greed index stood at 14 as of 29 May.

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