Glassnode: Bitcoin's $64,000 Surge Fails to Boost Conviction Amid Sell Pressure

Bitcoin's price surge to $64,000 on Monday brought some respite from sell pressure, but market analysts at Glassnode warn that conviction is still limited.

Glassnode analyst Chris Beamish noted in the firm's Week 34 Market Pulse report that Bitcoin remains range-bound after slipping from the $65,000 area over the past week. Spot volumes and transaction throughput have contracted, indicating subdued liquidity and a lack of directional conviction across the market.

Derivatives markets also show caution, with leverage expanding moderately but perpetual taker flows turning increasingly sell-side. This reflects more aggressive distribution in the market.

However, funding rates remain positive, meaning long-biased positioning persists, while options markets continue to price elevated downside protection relative to realized volatility.