Bitcoin Recovery Lacks One Key Ingredient, Glassnode Warns

Bitcoin has recovered toward $70,000 from $67,000 lows, but Glassnode warns the rebound lacks strong spot demand and broad-based buying interest needed for a durable recovery. While selling pressure has eased and ETF flows improved, muted volumes and heavy overhead supply resistance between $82,200-$97,000 suggest the market remains fragile.

• →Bitcoin recovery to $70,000 is driven more by selective dip-buying than broad-based spot demand returning at scale.
• →New accumulation cluster forming around $70,200 provides support, but buyer base remains modest and vulnerable.
• →Heavy resistance exists with short-term holder supply concentrated between $84,000-$97,000 levels.
• →ETF flows turned modestly positive but remain limited compared to earlier accumulation phases.
• →Friday's options expiry could remove $10 billion in dealer positioning between $70,000-$75,000, increasing price sensitivity.