TLDR Bitcoin outperformed major equity indices for a second week despite higher oil prices and Iran-related tensions. Glassnode identified the $69,000 Short-Term Holder Cost Basis as Bitcoin’
According to a Glassnode report, Bitcoin outperformed major equity indices for a second week despite an oil-driven geopolitical shock. The Bitcoin market recovery now faces a decisive test near $69,000, where recent buyers approach break-even. Improving ETF demand and cheaper hedging support the advance, although broad on-chain accumulation remains absent.
WTI crude jumped after escalating tensions involving Iran, while the S&P ended lower and European shares remained flat. Bitcoin absorbed the same risk shock and continued rising, outperforming both equity benchmarks for another week. Glassnode linked this resilience to fewer active marginal sellers during the latest Bitcoin market recovery.
Core inflation produced its first downside reading in five months before the Federal Reserve’s next policy meeting. The federal funds rate remains more than one percentage point above core inflation, keeping monetary policy firmly restrictive. Any change in rate guidance could support Bitcoin, but Glassnode reported no confirmed policy shift.
Meanwhile, the 10-year Treasury yield approached recent highs, although the dollar stayed below its winter peak. The report identified yields above 4.45% and the dollar index above 99 as major market constraints. The Bitcoin market recovery continues under long-term rate pressure, even as dollar conditions become less restrictive.
Bitcoin moved toward the Short-Term Holder Cost Basis near $69,000 after rebounding from its late-June low. That level represents the average break-even point for buyers entering during the previous five months. A successful reclaim could strengthen the Bitcoin market recovery because supply remains relatively thin toward the $84,000 area.
Below spot, Glassnode identified a major demand shelf near $63,000, covering roughly one-tenth of circulating supply. Proximity-weighted cost data shows support below spot has recently exceeded resistance above the market. This shift provides firmer nearby support, although Bitcoin has not resolved the overhead barrier.
Short-term holder supply in profit remains below the 54% threshold associated with stronger selling pressure. Short-Term Holder SOPR also stabilized near break-even, while exchange inflows declined steadily from their early-June peak. These readings support the Bitcoin market recovery because neither profit-taking nor exchange deposits have rebuilt substantially.
United States spot Bitcoin ETF flows turned positive after persistent redemptions during June. The change added a direct spot bid to a rebound that derivatives had previously led. The Bitcoin market recovery now has institutional support.
Source: Glassnode
Bitcoin also moved above aggregate options max pain after remaining below that level during earlier weakness. Meanwhile, one-week 25-delta skew fell to its lowest level in several months as demand for protection weakened. These changes support the Bitcoin market recovery without showing aggressive leverage or excessive perpetual funding.
Accumulation has narrowed mainly to wallets holding between 1,000 and 10,000 BTC. Altcoins also lost ground against Bitcoin, while Glassnode’s Market Compass continued showing an overall risk-off regime. Wider wallet participation remains the missing confirmation for the Bitcoin market recovery despite improving cycle and derivatives readings.
The post Glassnode Report: Can the Bitcoin Market Recovery Survive the $69K Test? appeared first on Blockonomi.
