Bitcoin Bounces Back This Week, But Glassnode Sees Trouble Ahead
Main Idea
Glassnode's weekly report highlights a strong Bitcoin price rebound, decreased spot volume and open interest, and reduced volatility, alongside mixed ETF market signals.
Key Points
1. Bitcoin's price rebounded strongly, climbing from sub-$114,000 to $121,000, with the RSI increasing by 14.5% to 47.5.
2. Spot volume decreased from $7.3 billion to $5.7 billion, indicating fewer participants compared to previous weeks.
3. Open interest dropped slightly from $44.6 billion to $44.1 billion, suggesting reduced leveraged trading, possibly due to profit-taking.
4. The volatility spread fell sharply from 31.97% to 10.45%, signaling traders expect less volatility ahead.
5. ETF weekly net flows improved significantly, with outflows reducing from -$686 million to -$311 million, hinting at potential accumulation, while trade volume dropped 27.7% to $13.7 billion.
Description
The blockchain analytics firm Glassnode shared its weekly report, which features various key metrics and on-chain data related to the leading cryptocurrency. Spot Metrics The spot price rebounded strongly over the past week, after re-testing the sub-$114,000 level and climbing back towards $121,000. This brought momentum back into the spot market, with several sectors showing signs of renewed user activity, although a close eye is to be kept on the conditions. The Relative Strength Index (RSI), ...
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