Bitcoin has weathered geopolitical tensions, but on-chain metrics indicate a lack of bullish momentum for a mid-term breakout, according to Glassnode. An accumulation cluster is forming in the $62k–$72k range. However, its intensity is modest relative to prior phases that preceded sustained expansions. Conviction is building, but the foundation for a mid-term breakout remains thin so far.
Experts have observed accumulation in the $62,000-$72,000 range, but the intensity of buying remains modest compared with prior phases that preceded sustained rallies. They identified an increase in the share of short-term holders in profit as a preliminary condition for a sustainable recovery. The metric has fallen below 50%, indicating that most recent buyers are at a loss. Demand-side risk appetite tends to remain suppressed until this flips back above 50%.
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