Key highlights:
Bitcoin’s recent price recovery has sparked a fresh wave of optimism in the crypto market. While the surge brought relief from the steep fall experienced in May and early June, the broader scenario is still bearish.
According to Glassnode, on-chain data and market flow indicators show that the BTC price is under pressure.
Glassnode identified the recent Bitcoin price surge to the $66,000 resistance level as a reset rather than a trend reversal. The platform noted that the initial decline in the BTC price was driven by the US-Iran war. Similarly, the current recovery is the result of the easing of tensions.
Bitcoin price is still under pressure, says Glassnode
Crypto market intelligence platform Glassnode has shared a . As the Middle East tensions eased, oil prices fell, gold’s demand declined, and BTC recovered. Bitcoin experienced a notable surge from its recent low of $59k and broke past $66k. Now, BTC is valued at $65,883, marking a slight 24-hour uptick.
Glassnode’s analysis is further strengthened by the recent discussions of the Bitcoin price’s cycle bottom. While many believed that the crypto has already formed its bottom at $59k and is gearing for a bull run, some argue that the bottom has not yet been reached.
For instance, Bitwise’s Andre Dragosch and CryptoQuant analyst Julio Moreno argued that the BTC price is poised to face a steep decline as its bottom is not yet formed.
Source:: Bitcoin Price Recovery Is Not a Bull Run, Warns Glassnode