Summary
- On-chain data analytics firm Glassnode said Bitcoin (BTC) is facing retail selling during its rebound phase, limiting the sustainability of further gains.
- Glassnode said that as BTC rebounded to around $76,000, smaller holding wallets turned to selling.
- It explained that because buying is not spreading across wallets of various sizes, upside momentum and overall market buying strength may be constrained.
Forecast Trend Report by Period
An analysis suggests Bitcoin (BTC) is facing retail selling during its rebound phase, limiting the sustainability of further gains.
On the 30th (local time), on-chain data analytics firm Glassnode said, "As BTC rebounded to around $76,000, smaller holding wallets turned to selling."
It added, "With buying not spreading across wallets of various sizes, upside momentum may remain constrained."
This trend indicates that despite the short-term bounce, overall market buying strength has yet to provide sufficient support.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
