Bitcoin surged toward $69,000 after a brutal flush, but Glassnode says one level decides if it fades
Bitcoin rebounded toward $69,000 following a sharp flush, but Glassnode suggests structural weakness persists unless key price levels are reclaimed.Summary
Bitcoin bounced back toward $69,000 after an intraday flush liquidated nearly $500 million in shorts, keeping the price within February's $60,000-$69,000 range. This rally was driven by improved cross-market risk appetite, a one-day positive flip in US spot Bitcoin ETF flows ($257.7 million on Feb. 24), and the normalization of leverage as panic hedging unwound.
However, Glassnode asserts the market is "stabilizing, not yet recovering," noting persistent structural weakness from its 47% drawdown. Indicators like the Accumulation Trend Score below 0.5 and negative 90-day Realized Profit/Loss Ratio suggest selling pressure from underwater holders and impaired liquidity.
The critical decision point hinges on price levels: holding the $69,000 range high is necessary, but breaking above $70,000 and then $72,000 is required to signal recovery. The immediate floor is $62,000, below which deeper contraction toward $60,000 and the structural anchor of $55,000 (Realized Price) could occur. A genuine regime shift requires sustained ETF inflows, positive spot Cumulative Volume Delta, and reclaiming valuation anchors above $70,000.
(Source：CryptoSlate)