Glassnode says BTC selling pressure has largely eased as macro backdrop improves

BTC has posted relative strength for a second straight week, holding up better than U.S. and European equities despite a negative backdrop from a recent surge in international oil prices tied to geopolitical risks involving Iran, on-chain analytics firm Glassnode said in a report. Glassnode said the price gain despite adverse factors suggests market selling pressure has largely been absorbed. The firm added the macroeconomic backdrop also appears to be improving, with U.S. inflation slowing for the first time in five months. Ahead of next week's Federal Open Market Committee meeting, benchmark interest rates still remain restrictive at more than one percentage point above core inflation, Glassnode said. If the Federal Reserve signals the possibility of rate cuts, that could create a favorable macro environment for Bitcoin, it added.