Glassnode Signals Bitcoin Base Building as Traders Push Price Back Above $65,700
Bitcoinspent much of the last 24 hours locked in a tight range ahead of the expected signing of the U. S. –Iran memorandum, oscillating mostly between $65,500–$65,750 despite a brief spike above $66,000. Key. . .
Bitcoinspent much of the last 24 hours locked in a tight range ahead of the expected signing of the U. S. –Iran memorandum, oscillating mostly between $65,500–$65,750 despite a brief spike above $66,000. Key TakeawaysBitcoin hit $64,503 before rebounding, leaving BTC nearly flat at 0. 1% for June 17. Glassnode says BTC demand improved as spot CVD went from negative to breakeven. Analysts warn of thin liquidity, with spot volume down 40. 4% as markets await the June FOMC. LeverageLiquidations SubsideBitcointraded sideways on Wednesday as global markets awaited the formal signing of the U. S. -Iran memorandum of understanding on Friday. Market data show that while thecryptocurrencyspiked to an intraday high of $66,025 just before 10:30 p. m. Tuesday, it largely fluctuated within a narrow band between $65,500 and $65,750 until the early hours of Wednesday. The stalemate broke early Wednesday asbitcoindropped sharply, shedding more than $1,000 in value to hit an intraday low of $64,503 at 7:05 a. m. EDT. The dip was short-lived; a swift rebound pushed thecryptocurrencyback above $65,700 by 12:21 p. m. , setting it up to retest the $66,000 psychological threshold. Despite the intradayvolatility,bitcoinended the session down a marginal 0. 1%, leaving its market capitalization virtually unchanged at approximately $1. 32 trillion. This tight price action keptleverageliquidations relatively subdued, forcing $50. 4 million in long liquidations against $28. 2 million in shorts. Across the broader digital asset space, total liquidations reached $291 million, with long positions accounting for roughly $180 million of the aggregate. Thequick defenseof Wednesday’s lows aligns with data from Glassnode’s latest weeklyreport, which indicatesbitcoinis carving out a tentative consolidation base after flushing out short-term speculators. On-chain metrics reveal that capitulation intensity is decelerating, while market demand has turned constructive as spot cumulativevolumedelta (CVD) crawled out of deep negative territory back to breakeven. However, some analysts warn that this structural recovery is “happening on thin ice. ” They point to a 40. 4% collapse in spotvolumeto $5. 8 billion and a 3% slide in futures open interest to $30. 6 billion—clear signals that the bounce is currently fueled by short-covering rather than aggressive institutional buying. This cautious asset-specific environment mirrors the broader macroeconomic backdrop. While Monday’sinitial announcementof the U. S. -Iran accord provided an early boost, global markets turned flat by June 17 as investors paused to parse the details. With the official text still under wraps, analysts have been forced to rely on leaked drafts, which so far appear to validate public remarks from Washington and Tehran. Beyond immediate geopolitical developments, a distinct air of caution enveloped trading floors ahead of the Federal Open Market Committee’s policy verdict. The two-day gathering—the first under newly sworn-in Fed Chair Kevin Warsh—is expected to offer definitive clues on the bank’s monetary trajectory, particularly as the anticipated reopening of the Strait of Hormuz threatens to depress crude oil prices further and reshape the near-terminflationoutlook.