A leading Bitcoin (CRYPTO: $BTC) indicator has just turned positive for the first time since March 2023. 

Bitcoin’s bull-bear cycle indicator turned green for the first time in three years on May 12, which signals that the cryptocurrency market’s structure is beginning to recover. 

Cryptoquant, which runs the indicator, says that when it moves out of bear territory and enters an early bull zone, it often suggests that the worst phase of a correction has passed. 

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While many people on Wall Street are pleased to see Bitcoin’s price back above $80,000 U.S., they stress that the crypto still needs to see sustained demand, liquidity, and price acceptance. 

The bull/bear indicator turned green in 2019 and again in early 2023 following intense bear markets for the crypto sector. 

The new green light on the indicator comes with Bitcoin struggling to remain above an $80,000 U.S. resistance level, a ceiling that has held firm despite several breakthrough attempts.

Cryptoquant says that for Bitcoin to truly enter a new bull market, it must overcome the “exhaustion” presently visible in secondary metrics. 

BTC is currently trading at $80,500 U.S. per digital token.