Crypto analytics firm Glassnode reports that Bitcoin is experiencing a sustained uptrend, driven by traders who are still skeptical about its strength.
Liquidated Bears Fuel Rallies
According to Glassnode, bears who are shorting Bitcoin (betting on its price to fall) are getting liquidated, triggering short squeezes. This happens when traders who borrowed Bitcoin to sell at a lower price are forced to buy it back as the momentum turns against them, pushing the price higher.
Exchange Activity Mirrors Bullish Market
Glassnode also notes that Bitcoin is moving in and out of crypto exchanges at a rate similar to November 2021, when it reached its all-time high. This suggests that traders are actively participating in the market.
Current Price and Market Outlook
At the time of writing, Bitcoin is trading at $61,825. Glassnode’s analysis indicates that the uptrend is likely to continue as bears continue to face liquidations and traders show increasing confidence in Bitcoin’s strength.
