According to Glassnode, Bitcoin recent rally to $65K can be attributed to sell-side exhaustion and renewed institutional interest.
Currently BTC trades at $65,448, up 4.4% in the past 24 hours. It is worth noting that the asset had earlier today traded as high as $66,059.provider Glassnode, this surge might be the result of a “near-term sell-side relief,” suggesting a temporary easing in selling pressures that have heavily influenced Bitcoin’s price trajectory in recent weeks.
These factors contributed to an increased volume of Bitcoin hitting the market, intensifying sell-side pressure. Further support for the price came from a significant influx of funds into Bitcoin spot ETFs, marking the first notable increase in interest since early June.
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