Bitcoin Hovers Around $97,000 But This Is A ‘Fragile Rally,’ Analyst Warns
Bitcoin‘s (CRYPTO: BTC) recovery to $97,000 shows concerning signs of weakness in on-chain metrics despite strong ETF inflows, suggesting the rally may be more fragile than it appears.
What Happened: According to Vizart, on-chain analyst at Glassnode, the rally was “spot driven mostly, but it didn’t ignite or incentivize the perpetual market.”
During their latest Bitcoin Intelligence Report on the 21st Capital podcast published on April 30, he characterized the current market structure as a “fragile rally” that lacks crucial confirmation signals typically seen in sustainable uptrends.
The analysis highlights that while Bitcoin has rebounded significantly from its recent lows near $74,000, several key metrics suggest caution.
Most notably, the …
About The Author
