Bearish Pressure on Bitcoin Has Significantly Eased, According to Glassnode Co-Founders – But There’s a Catch

The co-founders of market intelligence firm Glassnode say that Bitcoin (BTC) is suddenly looking less bearish based on a key metric.

In a new thread on the social media platform X, Jan Happel and Yann Alleman – who go by the handle Negentropic – say that Bitcoin’s Risk Signal is flashing bullishness.

The Bitcoin Risk Signal, based on a “set of proprietary indicators, including Bitcoin price data, on-chain data and a selection of other trading metrics,” gauges whether BTC is at risk of a major drawdown in price.

However, the two analysts say that before a bullish trend reversal is confirmed, Bitcoin needs to flip $100,000 into support.

“Good news and bad news – which one do you want first?

Good: the Risk Index

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