The rise in Bitcoin after the data shared by Glassnode yesterday revealed the effect of the indicator.
Bitcoin has left the consolidation period behind and reached an all-time high of over $103,000. This jump, which occurred after Glassnode’s SOPR Momentum data gave bullish signals, confirmed that the market is generally in a positive mood. While investors are hoping for new highs with this rapid rise, Bitcoin’s increasing volume is drawing attention.
Experts say that the acceleration of SOPR Momentum continues to push the price up without being affected by the profit pressure of investors. The positive market sentiment, especially in recent days, has paved the way for Bitcoin to make a strong exit from the consolidation in the $90,000 band.
Following the $103,000 record, analysts say that corrections are possible in the technical outlook of Bitcoin in the short term, but higher levels can be targeted in the medium term. The most important factors that the market is closely following at this point are institutional interest and macroeconomic developments.
This historic leap for Bitcoin shows that the cryptocurrency market continues to mature and is creating a strong foundation for new highs.
Stay tuned