Bitcoin Reclaims $60K as Long-Term Holders Accumulate Coins

Bitcoin has reclaimed its position above $60,000 after briefly dipping to its lowest level in 21 months earlier this week. The cryptocurrency's nearly 20% decline in June had fueled bearish sentiment across the market.

New data from blockchain analytics firm Glassnode suggests that underlying on-chain fundamentals are improving, despite recent price action.

According to Glassnode, one of the strongest bullish signals comes from the long-term holder net position change, which has returned to positive territory after an extended period of distribution. This metric tracks the 30-day net change in Bitcoin held by wallets that have retained their coins for at least 155 days.

The firm's Accumulation Trend Score also points to growing confidence among investors, with trend scores approaching 0.9 among smaller investors holding less than 1 BTC and moderate buying from larger investors holding between 1 to 100 BTC.