The co-founders of market intelligence firm Glassnode say that Bitcoin (BTC<\/a>) is suddenly looking less bearish based on a key metric.<\/p>\n In a new thread on the social media platform X, Jan Happel and Yann Alleman \u2013 who go by the handle Negentropic \u2013 say<\/a> that Bitcoin\u2019s Risk Signal is flashing bullishness.<\/p>\n The Bitcoin Risk Signal, based on a \u201cset of proprietary indicators, including Bitcoin price data, on-chain data and a selection of other trading metrics,\u201d gauges whether BTC is at risk of a major drawdown in price.<\/p>\n However, the two analysts say that before a bullish trend reversal is confirmed, Bitcoin needs to flip $100,000 into support.<\/p>\n \u201cGood news and bad news \u2013 which one do you want first? <\/em><\/p>\n Good: the Risk Index has dropped below 25, meaning bearish pressure has significantly eased. <\/em><\/p>\n Bad (or maybe not so bad): the BTC futures-to-spot ratio shows a higher increase in futures than spot, indicating this recovery is futures-driven. Meanwhile, shorts are piling up above $99,000-$100,000, which could fuel a squeeze. <\/em><\/p>\n With BTC reclaiming $97,200-$98,500, holding this level is key \u2013 but until $100,000 is broken, we can\u2019t confirm a trend reversal.\u201d<\/em><\/p>\n The analysts also say<\/a> that Bitcoin needs spot trading volume to increase to hold higher price levels as support.<\/p>\n \u201cEach rebound is weaker, signaling a lack of spot volume for a stronger move\u2026 <\/em><\/p>\n Until $97,000-$98,500 is recovered, $92,000 remains the key downside level to watch.\u201d<\/em><\/p>\n Bitcoin is trading for $98,336 at time of writing, flat on the day.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" 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 \u2013 who go by the handle Negentropic \u2013 say that Bitcoin\u2019s Risk Signal is flashing bullishness. The Bitcoin Risk […]<\/p>\n","protected":false},"author":2,"featured_media":372936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-372900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/372900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=372900"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/372900\/revisions"}],"predecessor-version":[{"id":372949,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/372900\/revisions\/372949"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/372936"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=372900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=372900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=372900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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<\/p>\nDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n