Bitcoin Market Weighed Down by 'Low Participation, Low Conviction' Structure, According to Glassnode

On-chain data analytics firm Glassnode released its latest weekly report on the 21st, pointing out structural issues in the Bitcoin (BTC) market, such as decreased market participation and a lack of investor conviction, as reasons for the heavy resistance on the upside.

The market continues to experience a mild bearish trend, with downside support at the True Market Mean price of $81,100 and upside resistance at the average acquisition price of short-term holders. Early this month, signs of selling fatigue were observed, leading to a rebound towards the upper range limit. However, as prices approached $98,000, selling by recent buyers intensified, particularly among short-term holders...