Bitcoin Hits a Ceiling, Likely to Remain Range-Bound for Now, Says Glassnode

Unrealized Gains and Potential Selling Pressure Increase

On-chain analytics firm Glassnode released its weekly report on the cryptocurrency market on the 3rd, analyzing that Bitcoin (BTC) has hit a ceiling in the face of selling pressure in the $83,000 to $86,000 range, suggesting that the market is likely to remain range-bound for the foreseeable future.

Regarding the macro environment, the yield on U.S. 10-year Treasury notes rose to 4.8%, with the market gaining some relief from the U.S. bond buyback strategy, offsetting the increases...