Bitcoin price seems to be recovering from recent dips and has been seen to bounce back, but according to on-chain analytics, BTC price does not seem to have yet entered a bullish cycle despite technicals improving. This is because of certain blockchain metrics, which seem to indicate that the Bitcoin price is still undergoing the accumulation phase.
At the time of writing, BTC is trading at $64,294, with a 24-hour trading volume of $20.37 billion and a market capitalization of $1.29 trillion. The BTC gained 0.69% over the last 24 hours, reflecting steady buying interest despite broader market uncertainty.
Also Read | Arbitrum Gains 20% as Robinhood Chain Fee Model Draws Focus
Bitcoin Price Bull Run Still Awaits Key Confirmation
A well-known crypto analyst, Ali Martinez, reported on July 11, 2026, that the Bitcoin price is still in bear territory due to three important on-chain indicators.
According to Martinez, the aSOPR – 1 (x10), Puell Multiple – 1, and Reserve Risk Multiple – 1 are still trading below the zero level. These on-chain metrics are frequently employed to gauge the activity of investors, mining profitability, and confidence, among other factors within the Bitcoin blockchain network.
Whereas all three indicators remain negative, it often signifies that the market continues to experience an extended phase of accumulation. This further implies that many participants continue to be sellers of their shares at a loss, that mining incomes are low, and that long-term confidence is yet to return.
Martinez explained the first significant indicator of a reversal on the market would be the aSOPR returning above the zero level. The confirmation of such a move through a breakout on the Puell Multiple and the Reserve Risk Multiple indicators would be a sign of the official start of the next Bitcoin bull run.
Despite the recovery of the Bitcoin price from its recent lows, the aforementioned on-chain signs suggest that the market is yet to confirm any changes in trends.
Bitcoin Price Technical Indicators Turn Positive
Although on-chain data over the long term is still relatively cautious, there have been positive developments regarding the price of Bitcoin on a short-term basis.
Bitcoin is presently being traded at $64,294, following its pullback from lows. RSI has risen to 53.93, while the moving average of RSI is 45.23. As the RSI indicator is now above the neutral zone, buying interest is slowly building without entering an overbought situation.
Similarly, the MACD (Moving Average Convergence Divergence) is looking promising. The value of MACD at -287.91 has crossed over the signal value at -900.37, and the histogram at 612.46 has become positive. It is generally taken to be a clear sign that buying strength is on the rise.
Should the Bitcoin price stay above the current levels of support, then further gains might be expected in the following days.
What Investors Should Watch Next
Recent figures provide conflicting signals about the market environment. According to short-term technical analysis, bulls have started regaining control, although on-chain metrics still do not confirm the initiation of the next bull run.
That is important since there can be short-term rallies even in cases where the market is still accumulating. Investors that seek confirmation would pay attention to the following: first, to see if the aSOPR breaks above zero, then the Puell Multiple, and lastly the Reserve Risk Multiple.
The breakout of all three signals above zero will indicate with more certainty the transition of the BTC price from the prolonged accumulation phase to a new bull market cycle. In any case, before that, all market players will have to keep an eye on both on-chain metrics and technical indicators to assess the potential for the continuation of the recovery process.
Also Read | CHZ Price Analysis: Can Buyers Push Price Toward $0.0183 Next?
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
