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The Bitcoin market has begun to exhibit initial signs of recovery; however, analysts from the on-chain platform Glassnode indicate that a stable bullish trend is still a way off.
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The rise of Bitcoin above the $70,000 mark has rekindled optimism in the market, yet on-chain metrics suggest that the current movement resembles the early phase of recovery, characterized by sharp price fluctuations, the analysts reported.
Bitcoin is currently situated in a relatively “free” range between $72,000 and $82,000—this area has fewer resistance levels, theoretically facilitating further growth. Nevertheless, the leading cryptocurrency is already encountering selling pressure.
Following the price surpassing $70,000, short-term holders have started to actively take profits. The rate of sales reached $18.4 million per hour, indicating increased activity from speculative capital.
This pattern of behavior has been observed previously: during phases of unsuccessful growth attempts, investors exited positions during price increases, thereby restraining further price movement, Glassnode emphasized.
Analysts noted that a crucial factor in the near term will be the market’s ability to “absorb” this volume of sales. If Bitcoin can maintain its position above $70,000 and manage the selling pressure from profit-taking participants, it may create conditions for movement within the $78,000–82,000 range.
Earlier, an analyst from the CryptoQuant platform using the pseudonym Darkfost stated that Bitcoin buyers are returning to major exchanges Binance and Coinbase after a two-month period of seller dominance.
