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“Ghost Rally”: Why Bitcoin Is Falling Again
Bitcoin tried to recover to $83 000 during May, but quickly lost 13% and dropped below $62 000. Glassnode, in its week 22/2026 report, calls this an “rally that never happened.”
What’s really going on:
· Macro pressure. Growth in US job openings, Treasury yields above 4,45%, and the DXY remains above 99. The market is pricing in a Fed rate hike.
· The price is stuck in a bearish range between True Market Mean ($78 000) and Realized Price ($54 000). It’s currently closer to the lower boundary.
· Short-term holders are underwater. Their average purchas