Bitcoin continued to trade on a firm bullish tone and has made several attempts to breach $82,000 after climbing from the $78,000 range. According to on-chain analytics firm Glassnode, buyers managed to absorb local pullbacks, as short-term momentum waned on the recent highs.
The leading cryptocurrency briefly fell below the $81,000 mark in the Asian trading hours on Tuesday, but Glassnode added that the overall sentiment remained extremely bullish with investors expecting further upside.
An analytics platform also reported that spot trading volume increased, indicating that the recent price increase had stronger backing by actual market participation and not by speculation or leverage.
According to Glassnode analysts, the overall Bitcoin market structure saw a consistent improvement in risk-adjusted on-chain data, profitability measures, and holder positioning. However, weak capital inflow and a risk-averse investor mindset left Bitcoin exposed to shifts in risk sentiment witnessed across the major asset classes.
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According to Swissblock, Bitcoin’s structural momentum remained intact despite the latest corrective pattern, resembling the failed attempts to break out. BTC▼$64,171.00 held onto its position above a key cost-basis level, with bulls remaining in control as long as momentum was maintained above the critical transitioning levels.
Alphractal CEO Joao Wedson pointed to reserve balances on exchanges. Bitcoin price has historically come under pressure from selling whenever the exchange balance goes from negative to positive on a rolling 30-day basis, which suggests funds on exchanges are becoming available for sale or shorting.
Market analyst Sykodelic added to the bullish narrative, asserting that the price failed to exhibit any rejections, panic, or weak price action and that Bitcoin continues printing higher highs and remains above the bull market support band, the true market mean, the short-term holder cost basis, and the 200-day EMA for more than 10 consecutive days.
BTC is now hovering around $81,100 again after yet another rejection in the $82,000 region, after spending a week in a similar range. Although the leading crypto has still gained more than 13% this month, it has been slowly recovering for six weeks.
