Bitcoin Short-Term Demand Soars Near $80K

Bitcoin's price momentum is gaining strength as it approaches the $80,000 mark, driven by robust short-term demand according to Glassnode.

The cryptocurrency is currently consolidating in a high-demand zone, with market indicators pointing to sustained buying pressure from short-term holders.

Glassnode's metrics show an increase in accumulation patterns among short-term holders. The Spent Output Profit Ratio (SOPR) for these investors has remained above 1, indicating they are selling at a profit, a sign of market confidence.

The Exchange Flow Balance also shows more Bitcoin being withdrawn from exchanges than deposited, a classic bullish signal that suggests reduced selling pressure.