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

On-chain data analytics firm Glassnode released its latest weekly report on the 18th, indicating that while Bitcoin (BTC) has clearly broken the $70,000 barrier, supported by renewed ETF inflows and a recovery in spot demand, market conviction is still lacking, prompting a cautious outlook. According to the UTXO Realized Price Distribution (URPD), the supply concentration zone formed between February and March at $59,000 to $72,000...