Blockchain analytics firm Glassnode said in its latest weekly report that Bitcoin’s recent move through the $85,000 resistance level was not backed by strong spot market activity or meaningful new capital entering the market. According to the report, spot trading volume remained weak during the breakout attempt, while fresh inflows were limited.
Glassnode also said about 86% of daily net inflows to exchanges came from short-term holders taking profits. After the move above $85,000, Bitcoin later fell back below that level. The update was cited by CoinPost and carried by Techub News as a market analysis brief. The report points to a rally that, at least in Glassnode’s reading, did not show broad support from spot demand or sustained new money at the time of the breakout.
Blockchain analytics firm Glassnode said in its latest weekly report that Bitcoin’s recent break above the $85,000 resistance level came with weak spot trading volume and limited fresh capital inflows.
The report said about 86% of daily net inflows to exchanges were driven by profit-taking from short-term holders. Bitcoin has since fallen back below that level.
The update was cited by CoinPost.
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