Bitcoin's Recent Bounce Described as 'Subdued' Amid Bear Market Conditions

Bitcoin's recent price movement has been characterized as 'subdued' by Glassnode, an on-chain analytics provider. The firm noted that despite reaching a three-week high of $72,700, Bitcoin is still within the bear market value zone and spot trading volume remains soft.

The report also pointed out that Binance's 30-day relative volume is below the 1.0 baseline, indicating a lack of strong organic demand beneath the recent price stabilization. Additionally, Glassnode observed that spot activity is weak, with no signs of a significant increase in buying pressure.

While some analysts remain optimistic about the prospects for high-risk assets, others warn that major volatility may be ahead. CryptoQuant analyst 'Darkfost' noted that the number of addresses depositing Bitcoin on exchanges has plummeted to a ten-year low, suggesting slowing activity across the market.