Bitcoin rebounded towards $69,000 on Feb. 25 after an intraday flush into the low-$60,000s that liquidated practically $500 million briefly positions.
Drivers behind the bounce
Glassnode linked the transfer to a broader risk-on session in equities, alongside a positioning reset after capitulation.
US spot Bitcoin ETFs additionally briefly improved, with Feb. 24 printing web inflows of $257.7 million after a $203.8 million outflow the prior day.
Glassnode stated leverage regarded cleaner as perpetual funding normalized towards impartial, whereas short-dated choices volatility spiked close to $62,000 after which compressed as worth reclaimed the mid-$60,000s.
Structural weak point stays
Glassnode described the market as defensive moderately than recovering.
“The market is stabilizing, not but recovering.”
Bitcoin stays range-bound round a key demand zone between $60,000 and $69,000, after a 47% drawdown from all-time highs.
“Bitcoin stays range-bound between $60k–$70k at a 47% drawdown from ATH.”
Glassnode estimated roughly 9.2 million BTC are held at a loss, whereas its Accumulation Development Rating stayed under 0.5.
“Practically 9.2M BTC at the moment are held at a loss, but accumulation stays weak.”
It additionally flagged impaired liquidity, with the 90-day Realized Revenue/Loss Ratio under 1.0 and spot CVD turning sharply destructive.
“Spot CVD has turned decisively destructive throughout main venues.”
Ranges that matter now
Glassnode framed $62,000 to $62,500 as a key draw back line, with $60,000 because the vary flooring.
It stated failure to reclaim ranges above $70,000 retains draw back contraction threat elevated, whereas increased valuation anchors embody the $72,000 hall high and an estimated $79,200 True Market Imply.