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Glassnode: Bitcoin in Adjustment Phase After Setting Historic Highs, No Evidence of Structural Capital Flight Trend Forming
Summary: According to Glassnode's latest crypto weekly report, Bitcoin's current price is above the Short-Term Holder (STH) cost base ($106,000), indicating a mild but not overheated range from a macro perspective. This structure aligns with typical bull market characteristics, as the STH cost base has historically been an important threshold to differentiate short-term bullish and bearish ...
According to Glassnode's latest crypto weekly report, Bitcoin's current price is above the Short-Term Holder (STH) cost base ($106,000), indicating a mild but not overheated range from a macro perspective. This structure aligns with typical bull market characteristics, as the STH cost base has historically been an important threshold to differentiate short-term bullish and bearish trends.
Glassnode believes that the market is currently in an adjustment phase after setting historic highs, with key level battles determining future trends. Investor behavior indicators show that the market is in a relatively balanced state - several indicators based on Short-Term Holders (STH) still align with typical bull market trends. While Bitcoin ETFs have seen significant outflows, these outflows have been short-term events so far, with no sufficient evidence of a structural capital flight trend forming.
The current support is at the previous cycle's high of $110,000, with resistance at the recent accumulation range base of $116,000.
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Link: Glassnode: Bitcoin in Adjustment Phase After Setting Historic Highs, No Evidence of Structural Capital Flight Trend Forming [Copy]
