Bitcoin Struggles to Break Out of Range, Seeking 'Strong Conviction'—Glassnode Analysis

Similar to 2022 Bear Market

Leading on-chain data analytics firm Glassnode, in its latest weekly report published on the first of the month, noted that Bitcoin (BTC) remains stuck in the $60,000 to $70,000 trading range, lacking a clear catalyst and the market 'conviction' needed for a sustained breakout.

According to Glassnode's analysis, there are strong supply clusters (URPD) formed between $80,000 and $126,000...