Bitcoin Rebounds Toward $64,000, but Spot Demand Remains Weak
Minseung Kang
Summary
- Bitcoin (BTC) has recovered to near $64,000, but market conviction in the rally remains weak.
- On-chain analytics firm Glassnode said weak spot participation and slowing on-chain activity suggest the latest move lacks broad conviction.
- Glassnode said institutional investor flows are returning, but the options market remains defensive, reinforcing the view that a recovery in spot trading volume and on-chain activity is needed for further gains.
Forecast Trend Report by Period
Bitcoin (BTC) has recovered to near $64,000, but market conviction in the rally remains weak, according to an analysis released July 13.
Glassnode wrote on X that Bitcoin had rebounded toward $64,000, but weak spot participation and slowing on-chain activity suggest the move lacks broad conviction.
The on-chain analytics firm said institutional money is flowing back in. The options market, however, remains defensive.
That suggests Bitcoin's short-term rebound is not yet backed by sufficient spot buying and on-chain demand. After regaining $64,000, the token will need a recovery in spot trading volume and on-chain activity to extend its gains, according to the analysis.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.