Bitcoin Rebound or Bull Trap? Glassnode Data Signals Trend Reversal Is Unconfirmed
- Bitcoin must first reclaim $68,500, then $75,800, to confirm a genuine reversal.
- The Realized Profit/Loss Ratio is at 0.75, above the seller exhaustion zone.
- US spot demand remains weak, with the Coinbase Premium still negative.
Bitcoin has bounced off recent lows, but according to data from Glassnode, the signals separating a genuine trend reversal from a temporary bull trap haven’t lined up yet.
Dollar weakness would normally support Bitcoin. Instead, US 10-year Treasury yields have kept climbing toward 4.7%, and Bitcoin has failed to respond meaningfully, remaining anchored near cycle lows around $60,000 to $65,000.
Elevated real yields appear to be the dominant constraint right now, raising the opportunity cost of holding an asset that pays no yield. At the same time, gold sits near $4,400, and oil has recovered into the mid-$80s, while Bitcoin remains well …
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