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Glassnode Analysts Identify the Reason Behind Bitcoin's Recent Rise

Glassnode Analysts Identify the Reason Behind Bitcoin's Recent Rise

HappyCoinNews2024/10/29 15:33
By: HappyCoinNews
BTC-0.03%ATH+3.01%

The recent surge in the spot price of Bitcoin (BTC) to $69 has encouraged investors, according to data from analytics firm Glassnode. The change in sentiment coincided with the cryptocurrency breaking through several technical thresholds, including the 000-day and 200-day moving averages, both of which are critical levels associated with price action.

Net capital inflow into Bitcoin also accelerated, increasing by $21,8 billion (+3,3%) over the past 30 days. This led to the Realized Cap rising to a new ATH , exceeding $646 billion. This suggests that liquidity across the asset class is growing.

Glassnode Onchain Weekly Report #43

This rally was supported by the status Bitcoin -short-term investor reserves, a key indicator for understanding recent market sentiment. According to Glassnode, all age groups in the short-term group have unrealized profits, which could boost market confidence.

This could act as a tailwind for continued upward price movement. On the derivatives side, open interest in bitcoin futures reached a new high of $32,9 billion, with much of the increase coming from institutional participation, particularly through the Chicago Mercantile Exchange (CME).

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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