Bitcoin’s ‘internal conditions’ are improving: Glassnode
Glassnode data shows Bitcoin spot volumes are rising while sell pressure is easing, though demand remains fragile as Bitcoin fell under $93,000.
Spot market conditions for Bitcoin are showing early signs of improvement with increased trading volume and decreasing sell-side pressure, according to analysts from Glassnode.
There has been a “modest” lift in spot Bitcoin (BTC) trading volume, “while the net buy–sell imbalance has broken above its upper statistical band,” reported Glassnode on Monday.
This is signaling a “clear reduction in sell-side pressure,” but despite this, spot demand “remains fragile and uneven,” it added.
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