Glassnode Flags Cleared Path for Bitcoin's Next Move

Bitcoin's price has broken through $79,000 for the first time since early February, rising by 4.5% over 24 hours.

Glassnode's Risk Index, a measure of systemic risk on a scale of 0 to 100, is currently at its lowest possible level, indicating a cleared path for further upside.

The market intelligence firm points to sustained inflows into Bitcoin ETPs and aggressive demand from spot buyers as support for the bullish regime.

K33 analyst Vetle Lunde believes that 'strong breakout potential' exists for BTC, citing concentrated shorts providing ample fuel for a move higher.