Glassnode: BTC risks long-term sideways trend without $72K breakout

Bitcoin could face a prolonged sideways trend similar to 2022 if it fails to overcome key resistance, according to an analysis by Glassnode. The on-chain analytics firm noted that Bitcoin is currently trading in a range between its True Market Mean of $79,200 and its Realized Price near $55,000. This pattern, Glassnode stated, is highly reminiscent of the first half of 2022, when Bitcoin was trapped in a similar range before entering a long-term bear market and bottoming out near $15,000 in November. To escape this sideways movement, the firm explained that Bitcoin must break through the $72,000 resistance level.