BTC must top $80K to signal trend reversal, says Glassnode

With Bitcoin surpassing $78,000 for the first time since mid-January, a new analysis suggests that a decisive break above the $80,000 resistance level is needed to signal an end to the bear market. According to a report from on-chain analytics firm Glassnode, if BTC reclaims $80,000, over 54% of recent investors would enter a profitable zone, a trend that aligns with historical signals of a bear market conclusion. The firm noted that a gradual inflow of spot demand and ETF funds has started to bring retail and institutional investors back to the market, contributing to the price rebound. However, Glassnode pointed out that a cautious sentiment persists in the derivatives market, where funding rates have remained consistently negative, indicating a dominance of short positions. The firm added that rising realized profits combined with low volatility suggest a lack of market conviction. "Overall, the market appears to be in a gradual recovery phase, but further confirmation is needed," Glassnode assessed. "Continued spot buying and ETF inflows are necessary to break through $80,000. If the current price level is not maintained, low liquidity could lead to an accelerated decline."