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- Glassnode data shows Bitcoin has entered a thinly accumulated range between US$72K and US$82K where on-chain resistance is minimal.<\/span><\/li>\n
- Only about 60% of Bitcoin\u2019s supply is in profit, a level historically linked to first-bounce exhaustion at cycle bottoms rather than confirmed bull market transitions.<\/span><\/li>\n
- Institutional ETF holders maintained positions through a 50% drawdown, but short-term holders are taking profits at US$18.4 million per hour, and March ETF inflows have dropped 73% from February\u2019s peak.<\/span><\/li>\n<\/ul>\n<\/div>\n
Bitcoin (BTC)<\/a> rose back above US$74K (AU$104K), moving into a price range with relatively little on-chain supply, according to Glassnode.\u00a0<\/p>\n
The on-chain platform said<\/a> the US$72K to US$82K (AU$115K) zone saw limited accumulation during the recent decline, which may reduce near-term selling pressure. It identified US$78K (AU$106K) as the next key on-chain level.<\/p>\n
\nRegardless of longer-term resolution, the $72k\u2013$82k air gap defines the most probable trading range in the short-term.<\/em><\/p>\n
![](\"https:\/\/cdn.cryptonews.com.au\/2024\/06\/13133410\/Glassnode.png\")
Glassnode <\/p>\n<\/div>\nRelated: Arizona AG Charges Kalshi With Illegal Gambling Over Election Betting<\/a><\/strong><\/p>\n
What\u2019s Behind The Rebound?<\/h2>\n
The rebound has been led mainly by spot demand. US spot Bitcoin ETFs have seen renewed inflows, while CME futures open interest has remained muted.\u00a0<\/p>\n
Negative funding rates also suggest traders are still positioned for downside. Popular crypto analyst Ali Martinez said<\/a> similar setups in recent years have preceded relief rallies.<\/p>\n
However, Glassnode noted that only 60% of Bitcoin supply is in profit, below the roughly 75% level typically seen in stronger expansion phases. Short-term holders are also selling into strength at about US$18.4 million (AU$25 million) per hour near US$74K.<\/p>\n
Besides, ETF demand seems to be cooling as March inflows were about US$890 million (AU$1.2 billion), down from US$3.3 billion (AU$4.9 billion) in February. Some analysts said the latest jump was driven more by short covering after US strikes on Iran than by fresh conviction buying.<\/p>\n
After the Federal Reserve held rates at 3.50% to 3.75% on March 18 and raised its inflation forecast to 2.7%, Bitcoin fell about 4% to US$71,600 (AU$109,548).<\/p>\n
- Only about 60% of Bitcoin\u2019s supply is in profit, a level historically linked to first-bounce exhaustion at cycle bottoms rather than confirmed bull market transitions.<\/span><\/li>\n