The Bitcoin Foundation editorial team studied Glassnode’s latest report and identified what is preventing the leading cryptocurrency from starting a sustainable rally in May 2026.
Bitcoin (BTC) has been consolidating in the $77K-80K range for several weeks and cannot confidently break through the psychologically important $80K level.
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At the time of publication, bitcoin trades at approximately $77,700. Over the past 24 hours, the cryptocurrency has shown no significant price movement. However, over the past week, the coin has fallen nearly 3%.
Glassnode analysts explained in their latest “Week Onchain” report what factors are suppressing growth and why a strong catalyst is needed for a new impulse.
Contents
Technical Picture and Key Levels
The main support is currently the average purchase price of bitcoin over the last 30 days at approximately $78,200. Slightly above that is the True Market Mean indicator, which historically serves as an important divide between bull and bear markets.
According to Glassnode’s observations, before a full bull run begins, the price typically spends several weeks or even months consolidating around this level. Any firm close above $78,200-80,000 would signal a change in market regime. Conversely, a breakdown could indicate that the recent rally was merely a correction within a broader sideways range.
Read more: Bull-Bear Signal, Bitcoin ETF Inflows, Institutional Buys — What’s Driving BTC Price in May
Crypto Investors Are Becoming Too Selective — Is That a Problem?
On-chain data shows that investors have become significantly more cautious and selective:
- Spot demand remains weak, especially in the United States. The All Exchange Spot CVD Bias is in negative territory.
- Institutional interest in futures is gradually recovering, but this is not yet sufficient for sustainable growth.
- The realized profit ratio, measured as the 30-day moving average, rose from 0.4 in February to 1.8 during the latest rally. To confirm a genuine recovery in buying interest, it needs to sustainably exceed 2.0.
- Demand for put options as protective instruments is growing, indicating a desire to hedge downside risk.
Read more: Bitcoin Price Could Reach $255K This Year in Decay Channel Model
Conclusion
Glassnode summarizes that without a significant improvement in liquidity and a resurgence of strong spot demand, bitcoin will likely continue to oscillate within the current range. The market is in a waiting mode for a powerful catalyst, whether it be positive macroeconomic news, regulatory breakthroughs, or a sudden influx of institutional capital.
Until such a driver emerges, most large players prefer to remain cautious and avoid building aggressive long positions.
Learn more: Crypto Exchange Battle 2026: Bitget vs BingX — Best Crypto Exchange for Traders?
