Bitcoin Analysis: Glassnode Report Shows Bulls are Passive, Bears’ Defensive
- Bitcoin held above short-term holder cost basis amid cautious market sentiment.
- It rebounded from $107K to $113K, posting a 2.4% weekly gain.
- Key metrics show fragile recovery with weak volumes, steady futures, and rising profitability.
Bitcoin traded just above the Short-Term Holder cost basis last week, with Glassnode’s Market Pulse highlighting fragile stabilization across spot, futures, ETF, and on-chain indicators as cautious sentiment continued to dominate.
The week also featured a brief dip toward $107,000 followed by a recovery to $113,000, as traders tested support levels. Notably, Bitcoin now trades at $112,947 after a 0.8% uptick in the past day, increasing its weekly gain to 2.4%.
Spot Markets: Selling has Paused, But Buyers Aren’t Convinced
Momentum in the spot market shows that aggressive selling has eased, but buyers are not yet stepping in with conviction. The Relative Strength Index (RSI) rose 13.1%, from 35.2 to 39.8. This indicates reduced seller dominance, though it remained below the neutral threshold of 40.7.
More importantly, while the spot cumulative volume delta (CVD) improved by nearly 50%, showing less selling pressure, …
The post Bitcoin Analysis: Glassnode Report Shows Bulls are Passive, Bears’ Defensive appeared first on Coin Edition.
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Bitcoin Analysis: Glassnode Report Shows Bulls are Passive, Bears’ Defensive
- Bitcoin held above short-term holder cost basis amid cautious market sentiment.
- It rebounded from $107K to $113K, posting a 2.4% weekly gain.
- Key metrics show fragile recovery with weak volumes, steady futures, and rising profitability.
Bitcoin traded just above the Short-Term Holder cost basis last week, with Glassnode’s Market Pulse highlighting fragile stabilization across spot, futures, ETF, and on-chain indicators as cautious sentiment continued to dominate.
The week also featured a brief dip toward $107,000 followed by a recovery to $113,000, as traders tested support levels. Notably, Bitcoin now trades at $112,947 after a 0.8% uptick in the past day, increasing its weekly gain to 2.4%.
Spot Markets: Selling has Paused, But Buyers Aren’t Convinced
Momentum in the spot market shows that aggressive selling has eased, but buyers are not yet stepping in with conviction. The Relative Strength Index (RSI) rose 13.1%, from 35.2 to 39.8. This indicates reduced seller dominance, though it remained below the neutral threshold of 40.7.
More importantly, while the spot cumulative volume delta (CVD) improved by nearly 50%, showing less selling pressure, …
The post Bitcoin Analysis: Glassnode Report Shows Bulls are Passive, Bears’ Defensive appeared first on Coin Edition.
Read More