Looking at the broader context beyond short-term bounces reveals a more sobering picture for Bitcoin:
While we've seen repeated recoveries from the $76k-$80k range, these may be temporary reactions rather than signals of a genuine bullish trend.
Examining the 90-day simple moving average of the Realized Profit/Loss Ratio on a linear scale (rather than the more volatile daily logarithmic view) shows a significant decline since January. This smoother presentation cuts through daily noise to reveal the true trend.
Despite occasional short-term profit spikes, the broader momentum continues downward. This suggests weaker overall market liquidity and declining investor profitability in the bigger picture.
The evidence doesn't yet support a fundamental bullish shift in market momentum, even with these periodic relief rallies from support levels.
