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Bitcoin Rises to $80,000 as Short Covering Drives Rally, Glassnode Data Shows
Bitcoin’s recent climb to $80,000 was driven mainly by short sellers covering positions rather than a surge of new buyers, according to Glassnode data cited by CoinDesk. According to ChainCatcher, this pattern has historically made rallies more sustainable.
The data also showed that Bitcoin futures open interest fell to 587,584 BTC as short positions were liquidated, marking a nearly five-month low. Market leverage has eased, providing a relatively firmer base for price action.
The data also showed that Bitcoin futures open interest fell to 587,584 BTC as short positions were liquidated, marking a nearly five-month low. Market leverage has eased, providing a relatively firmer base for price action.
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