Bitcoin Rally Hits Uneven Ground as Buying Pressure Falters
Bitcoin's recent price surge has attracted fresh capital, but the buying pressure behind it has become uneven, according to Glassnode's latest weekly report.
The report found that Bitcoin traded near $84,000 after touching $87,000 on Wednesday, with a 4% gain for the week. However, this increase was largely due to a single-day jump on Monday, and the rest of the week showed limited follow-through.
The Relative Strength index climbed 14.8% to 70.4, above its upper band, indicating that momentum is still reflecting the earlier advance. Meanwhile, perpetual futures traders turned sellers as open interest rose 2.1% to $38.9 billion, despite a decrease in bullish conviction.
A key bright spot in Glassnode's report was the strong inflows into US spot ETFs, which pulled in roughly $2.7 billion in weekly net inflows, far exceeding its upper band even as ETF trading volume fell from $18.1 billion to $14.9 billion.