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Bitcoin's ‘internal conditions’ are improving: Glassnode
Key Takeaways (30s Read)
Bitcoin's sell pressure is easing, but demand remains fragile according to Glassnode.
According to Glassnode, Bitcoin's spot trading volumes are increasing while sell pressure is diminishing, although demand remains fragile. Currently, Bitcoin is trading below $93,000, and maintaining this level is critical. While there are signs of recovery in demand, the overall market dynamics suggest that further increases may take time. Market participants need to watch price trends closely, as the increase in trading volume is positive, but the complete alleviation of sell pressures has not been achieved yet, necessitating a cautious approach.
AI Analyst
AI Opinion
"The Bitcoin market is currently showing signs of improvement in internal conditions, but caution is still warranted. Easing sell pressure is typically a precursor to price rises; however, weak demand complicates the expectation for a sustainable rebound. Considering the overall market dynamics and the impact of macroeconomic factors on Bitcoin, it is essential to monitor future developments carefully. In the event of sudden volatility, maintaining rigorous risk management and adjusting positions at appropriate times will be crucial."
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