Analyst: Bitcoin returning to the $97,000 area above the 50-day moving average will be a sign of a successful bull market

ChainCatcher news, according to CoinDesk, FxPro senior market analyst Alex Kuptsikevich pointed out that Bitcoin's market share in the crypto market has exceeded 60%, which is typically a sign of panic, while Ethereum's market share has dropped to a five-year low of 9%. This is a concerning signal for altcoin investors, as most of the capital inflow has gone into Bitcoin.

Kuptsikevich stated in an email to CoinDesk: "Bitcoin continues to hover around the 200-day moving average, rebounding after briefly dipping below $83,000 on Tuesday. The market dynamics in the early hours of Wednesday reflect cautious attempts to form a bottom." He added, "Returning to the $97,000 area above the 50-day moving average would be a sign of a successful bull market."