Bitcoin’s ‘internal conditions’ are improving: Glassnode

Glassnode data shows Bitcoin spot volumes are rising while sell pressure is easing, though demand remains fragile as Bitcoin fell under $93,000.

Spot market conditions for Bitcoin are showing early signs of improvement with increased trading volume and decreasing sell-side pressure, according to analysts from Glassnode.

There has been a “modest” lift in spot Bitcoin (BTC) trading volume, “while the net buy–sell imbalance has broken above its upper statistical band,” reported Glassnode on Monday. 

This is signaling a “clear reduction in sell-side pressure,” but despite this, spot demand “remains fragile and uneven,” it added. 

Read more