Glassnode: Bitcoin is Staying Above $20,000 Despite Recent Weak Metrics

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According to experts from analytical firm Glassnode, speculators are using bounces to sell Bitcoin amid weakness in on-chain metrics. The price is not returning to lows due to the lack of serious selling pressure.

According to the company analysts, bulls are still unable to establish a sustainable uptrend due to low demand, and spending patterns indicate continued bearish sentiment.

The hodlers remain steadfast. Glassnode is counting on reaching a range of bottom formation, as has been the case in previous cycles of downward momentum.

The seven-day moving average of the spent exit in terms of its “lifetime” after a recent spike continues to decline. Together with the fall in the price of Bitcoin, this indicates the absorption of current demand by supply.