Glassnode Says Bitcoin Stabilizing Near $65,000, Recovery Still Uncertain
Minseung Kang
Summary
- Glassnode said Bitcoin is stabilizing near $65,000.
- It said demand for market buys and institutional inflows remained solid, while demand for downside hedges was easing.
- Still, weak spot-market liquidity and on-chain activity mean the current rebound should be viewed with caution.
Forecast Trend Report by Period
Bitcoin is stabilizing near $65,000, but weak spot-market liquidity and subdued on-chain activity mean it is still too early to call the move a full-fledged recovery.
On Aug. 10, on-chain analytics firm Glassnode wrote on X, formerly Twitter, that Bitcoin was holding steady around $65,000. It added that demand for market buys was strengthening and institutional inflows remained solid.
Easing demand for downside hedges was also cited as a positive near-term signal.
Still, Glassnode said spot-market liquidity remained low and on-chain activity was weak, meaning the current rebound should still be viewed cautiously.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.