Bitcoin rally to $86K shows investor confidence, but it’s too early to confirm a trend reversal

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Coin Telegraph 1w ago

Bitcoin rally to $86K shows investor confidence, but it’s too early to confirm a trend reversal - Coin Telegraph

Quick Summary:

This points to a continued lack of meaningful new capital entering the Bitcoin network and, as Glassnode notes, “remains well below typical bull market thresholds.”Furthermore, the BTC balance on exchanges — often used to gauge available sell-side liquidity — has dropped to just 2.6 million BTC, the lowest level since November 2018.

Analyst Kevin Svenson highlighted a possible weekly RSI breakout, pointing out that “Once confirmed, weekly RSI breakout signals have proven to be among the most reliable macro breakout indicators.” Ultimately, price is driven by supply and demand—and while both sides of the equation are beginning to show subtle signs of recovery, they are yet to reach the levels needed for a proper breakout.

Source: Global Macro InvestorEven if bullish momentum and demand returns, Bitcoin will need to clear a critical resistance zone between $86,300 and $86,500, as shown on CoinGlass’ liquidity heatmap, which maps dense clusters of buy and sell orders at different levels.