Glassnode: BTC rally to $82K failed amid 14% weekly drop

The recent Bitcoin rally to $82,000 has failed to hold, according to a weekly on-chain report from Glassnode. Over the past week, Bitcoin has fallen approximately 14% to its lowest level in over two months. The report attributed the dampened investor sentiment to several factors, including the sale of 32 BTC by Strategy, a $4.21 billion net outflow from spot ETFs over the last three weeks, and concerns over rising oil prices and potential interest rate hikes. Glassnode also noted an increase in stop-loss selling from investors who purchased near the recent peak, with even long-term holders beginning to offload their positions. However, Bitwise pointed out that investor sentiment has dropped to its most pessimistic level since the market downturn in February. Historically, such extreme pessimism has often served as a signal for a market bottom, Bitwise added.