A Deeper Look At Chain Accumulation

Is Bitcoin in the bear market? Let’s take a closer look at the chain’s recent build-up.
Below is an excerpt from the latest issue of the Premium markets newsletter of Deep dive Magazine, dedicated to bitcoin. Sign up now for one of the first to receive this information and other bitcoin Sunday Analyses directly to your inbox.
In the daily immersion issue below, we will take a new look at the accumulation that occurs using metrics and chain data.
In last Friday’s daily dive, we explored capital inflows that had apparently stalled in the bitcoin network using the market capitalization that took place.
In particular, we decided that the date of the realized price/capitalization indicator should be considered in more detail. In retrospect, it can be said that throughout the history of the bitcoin network, the realized price became a great signal about the phase of the bitcoin market cycle.
While the market price is set at margin, the realized price can serve as the “fair value” of bitcoin’s market price, pricing each UTXO at the price specified in its last move. In a very broad sense, for longer periods of time:
The actual price increase was in bitcoin bull market, the actual price is on the rise, the bitcoin is in the accumulation stage before the bull market) realized the price drop, bitcoin was in the bear market.The chart below illustrates this process. 

As you can see, the application price has been falling, albeit slowly, since May, but historically it marks the start of a persistent bear market. Isn’t it premature to use the price indicator, which has been happening for two months, to call the bear market? Maybe, but it’s still a surprising trend.
Here’s a closer look at the recent practice price downward trend.

May July 2021 Dec.

Is Bitcoin in the bear market? To be honest, it’s impossible to know, but the drop in the realized price from $ 20,197 to $ 19,329 on May 12, 2021 would be historic as the start of a bear market

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    LCG 0.3pips (variable) margin: 3.33%
    IG 0.6pips (fixed) margin: 3.33%
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