Glassnode: BTC Clears Risk as Price Surges Past $79K

Glassnode's risk index for Bitcoin has dropped to zero, signaling a cleared path for further upside in the market. According to Glassnode, the Moderate Strategy tracker also flipped from 'Moderate' to 'High Confidence' for the first time since October 10.

The alignment of both models indicates a bullish regime. Glassnode attributed sustained inflows into Bitcoin ETPs and aggressive demand from spot buyers as support for the move.

Bitcoin climbed above $79,000 on Wednesday, hitting its strongest level since early February, with a 4.5% rise over 24 hours. This also dragged other assets like Ethereum (ETH), Solana (SOL) and XRP (XRP) higher.