Recovery Not Yet Confirmed: Bull Market Hopes Hang in Balance
The recovery of Bitcoin and Ethereum from their July lows has been notable, but whether this is indicative of a broader bull market remains uncertain. Bitcoin rose around 38% to trade near $83,020 in late September, while Ethereum recovered from around $1,610 to roughly $2,665 over the same period.
However, both assets remain below their January levels, with Bitcoin about 7% lower and Ethereum approximately 11% lower. Technical indicators, such as the 50-day and 200-day moving averages, suggest a bullish setup, but whether this is a sustained trend or a temporary rebound remains to be seen.
Evan Ceolini, CEO of crypto exchange aggregator SwapSpace, has analyzed stablecoin market caps, DEX volume, DeFi lending, native-token TVL, and the distribution of activity across chains. The data presents a mixed picture: while some indicators suggest improvement, others indicate that the recovery is not yet broad enough to confirm a bull market.