Bitcoin Posts Sharpest Daily Gain Since October 2023: Glassnode
Bitcoin's price movement has been significant, with a 5.8% gain on a 30-day volatility-adjusted basis, according to data from Glassnode.
This marks the strongest upward price action since October 2023, indicating a notable shift in market momentum.
The firm noted that a similar-sized daily gain occurred in February, but it was largely a rebound following a sharp 14% decline the previous day. The latest rise is distinct because it occurred without a preceding dramatic drop, suggesting a genuine shift in buying pressure rather than a technical correction.
The absence of a prior sharp decline points to fresh capital entering the market rather than short-covering or a relief rally. This type of price action often signals growing confidence among institutional and retail investors, potentially driven by macroeconomic factors or shifts in risk appetite.