Bitcoiners are in profit, but beware of short-term fragility: Glassnode

Bitcoin's recent rally has brought 97% of its circulating supply back into profit, signaling strong demand amidst increased Bitcoin ETF inflows. However, analysts from Glassnode warn that the rising leverage and crowded market positions may introduce short-term risks. The accumulation trend indicates that investors are gradually taking profits without panic selling, suggesting a stable rotation of holdings. A key support level is identified between $121,000 and $117,000, with a potential pullback into the $117,000 region possibly inviting renewed demand from investors. The market remains robust yet sensitive to profit-taking and leverage adjustments. As of now, Bitcoin prices have dipped from a high of $124,000 to just below $122,000, with significant institutional interest noted in Bitcoin futures and ETFs.

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