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CapitalFlowInATeacup

Glassnode data speaks: demand hasn't caught up with selling pressure yet, keep grinding.

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BlockBeatNews
Glassnode: Bitcoin recovers the true market average but fails to stabilize, on-chain indicators show consolidation or continuation for several months
BlockBeats News, May 21 — Glassnode announced that Bitcoin has regained the real market value at $78,300 but has not managed to stay above that level consistently. Historical cycles indicate that it may take weeks to months of consolidation before confirming a credible bull market reversal. The 30-day moving average profit and loss ratio has increased from 0.4 in February to 1.8 during the rebound, indicating insufficient demand to absorb the wave of profit-taking. This indicator needs to stay above 2 to signal a true resurgence of buying strength.



The 30-day cost basis at $78,200 has shifted from support to resistance, and the cost basis of the accumulation group formed between February and April ($71,400) is currently the most direct support level during this pullback.



Within the spot market
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