Bitcoin $87,139.00 +7.43%

Ethereum $2,797.73 +6.20%

Tether $0.9999 +0.01%

XRP $1.52 +7.91%

Solana $118.98 +7.87%

Cardano $0.2469 +8.50%

Dogecoin $0.0999 +14.31%

Litecoin $62.81 +6.91%

Chainlink $13.24 +5.82%

Polkadot $1.19 +3.44%

Blockchain Data Wiki Crypto Blog
Scaling

Bitcoin Rally Shows Strength but Lacks Full Confirmation

  • 4
  • 3 min read

Bitcoin’s (BTC) rally to $76,000 revived market optimism for investors, but onchain data suggested that the move may still be part of an early-stage recovery defined by frequent periods of price volatility. According to…

Bitcoin’s move up to about $76,000 has lifted sentiment, but on-chain indicators suggest this is more an early, volatile recovery than a confirmed bull market.

Glassnode highlights that BTC currently sits inside an "open" UTXO Realized Price Distribution (URPD) band between roughly $72,000 and $82,000. In this zone there is less realized resistance, so price can move with fewer short-term anchors if momentum continues.

Market-wide profitability remains a key confirmation signal. Around 60% of Bitcoin’s supply is now in profit, a level typically seen in early recoveries. Glassnode notes that a sustained rise above roughly 75% would be a much stronger endorsement of an early bull market, while failure to push higher would point toward a bear-market-recovery scenario.

Sell-side pressure has already tested the move. As BTC climbed above $74,000, short-term holders stepped up profit-taking, with realized gains climbing to about $18.4 million per hour. That pattern has capped prior rallies when selling into strength overwhelmed buying. If markets can absorb this profit-taking and keep support above about $70,000, the next likely targets would be in the $78,000–$82,000 area.

From a technical standpoint, larger time frames counsel caution. Daily and weekly charts still show a sequence of lower highs and lower lows, so a durable bullish structure is not yet in place. For a meaningful trend change, BTC needs to clear and hold above the previous lower high near $97,855. That level overlaps the Fibonacci 0.5–0.618 retracement zone — a commonly watched area for trend-reversal confirmation. A clean breakout through that zone, followed by consolidation, would signal stronger demand and materially increase the odds of a sustained rally.

CryptoQuant’s Bitcoin Bull-Bear Cycle indicator captures the guarded outlook. It has improved to about -0.72 from -1 earlier in the month but remains in bearish territory and far from a trend-confirming reading. Full bull confirmation on that metric would require it to climb above 1, while an earlier useful signal would be a move above the bull-bear 365-day moving average (around -0.23), which helps filter short-term noise.

In short, the recent surge demonstrates resilience and potential, but multiple confirmations are still missing. Traders will be watching profitability metrics, whether selling is absorbed, and whether higher-timeframe technicals flip to bullish before declaring a sustained bull market.

This is not investment advice. Trading and investing carry risk; readers should do their own research and consider consulting a professional. Information presented here aims to be accurate and timely but is not guaranteed, and forward-looking statements are subject to uncertainty.