Glassnode

Buyers kept refilling the $BTC book today. The low timeframe view shows that the large bids that sat at $80k for the last week were filled and new large bids were placed, pushing price up systematically. Now we see the support level under $80k weakening again.

Short-term profit-taking has weighed on $BTC. Two weeks ago we flagged short-term holders in profit sending the largest share of exchange inflows in a year. This selling has weighed on price since. The flow has now eased back to its average yearly level.

The Q4 levels for $BTC have held so far. Last month, together with @colin_basco and the @CoinbaseInsto team we put resistance at $87K to $87.8K in our Charting Crypto report. We read the data as near-term consolidation. Price stalled there and ranged below it ever since. A break out of the range is likely to spark significant volatility, although another overhead supply cluster sits around $90k. Read our full quarterly report below👇 https://twitter.com/glassnode/status/2110737242608246947

$BTC trades near $78k on Monday after a Thursday slide below $80k. Perpetual sellers drove the drop, yet longs keep paying up in funding and options traders are buying protection, while spot buyers held steady. Read our latest BTC Market Pulse 👇

$BTC traders are still here after the retrace. Before the spike in August, volume had sunk to its lowest since 2023. Despite BTC pulling back over the last weeks, volume has stayed above this August level. This indicates sustained interest in crypto after months of apathy.

$BTC has rarely tracked equities this closely. Over the last 30 US sessions, the correlation with the S&P 500 reached 0.80. Since 2020 it has spent most of its time far below that. Despite the talk of bitcoin's relative strength, macro sets the direction for now.