Bitcoin price breakouts fail to hold due to insufficient bid-side liquidity. Glassnode analysis identifies the key metrics that are likely to mark the next phase of BTC price expansion.
Bitcoin (BTC) bulls managed to prevent a price drop into the $80,700 to $83,400 support zone, and futures market data points to a potential short-term liquidity grab near $93,500. Despite the short-term bullish bias, Glassnode analysts believe a more robust recovery cannot take place until a key market liquidity metric reaches a certain threshold.
Key takeaways:
Over 22% of the Bitcoin supply is currently held at a loss, increasing sensitivity to support breaks.
