Bitcoin Breaks $70,000, But Confidence in a Bullish Shift Remains Insufficient, According to Glassnode Analysis

Is There Insufficient Confidence for a Bullish Shift?

On-chain data analytics firm Glassnode released its latest weekly report on the 18th, noting that Bitcoin (BTC) has clearly broken through the $70,000 barrier. This breakthrough has been supported by renewed ETF inflows and a recovery in spot demand. Despite these positive signs, the market has yet to gain full confidence, prompting a cautious outlook.

According to the UTXO Realized Price Distribution (URPD), the supply concentration zone formed between $59,000 and $72,000 during February and March indicates...