Bitcoin Rallies Past $69K Amid Thin Volume and Waning On-Chain Activity

Bitcoin (BTC) reclaimed the $69,000 level but its recent rally is under scrutiny due to thin volume. According to Glassnode's weekly report published April 6, spot exchange volume and on-chain activity declined even as price momentum and futures positioning improved sharply.

The analytics firm's market pulse rated indicators across various metrics as rising at moderate intensity, while fundamental and capital flow metrics were declining.

On the spot side, the 14-day RSI jumped 62% from 30.3 to 49.1, indicating renewed buying pressure. However, centralized exchange volume dropped 13% to $5.3 billion, suggesting fewer participants are backing the move higher.

In derivatives, futures open interest slipped 2% to $29.7 billion and funding rates fell 13.1%, indicating reduced leverage. Options markets told a more cautious story with open interest falling 12.5% and implied volatility moving above realized volatility.