Bitcoin had its best weekly close in the last 8 months with $ 86 thousand 300

Bitcoin made its weekly close last night at $ 86 thousand 300 and achieved its best weekly close in the last 8 months. While this situation clearly shows the strong stance of the largest cryptocurrency despite all the negative developments on a global scale, Glassnode analysts also published a positive report on the subject. Despite all their positive analyses, experts did not forget to warn about various details.

“The strong trend has not started yet”

The company, known for its analyzes based on information obtained from on-chain data, stated that despite all the strong progress, a definitive comment cannot be made that a sharp upward trend has started:

"Bitcoin managed to rise above the region it has been in for the last 2 weeks and closed the week in this region. Although we see that buyers are strong in the short term, we still cannot say that a sharp upward trend has begun. The fact that the transaction volume in the spot market is not intense enough and the ETF inflows have stopped sharply compared to the previous week also shows that there is no large participation in the market. Speculative interest in futures is still high... Shorts are decreasing and longs are increasing. The funding costs of longs are also increasing. In other words, traders "They have started to take an upward position again. This situation may support the rise, but if it goes to extremes, fragility may occur. All these show that there is still no sharp upward trend."

“Active addresses are also increasing”

Stating that the mobility in the Bitcoin network has increased, analysts wrote that this is also a positive situation and that there is an increase in the number of active addresses:

"The activity within the Bitcoin network itself has also increased significantly. While the active addresses have increased, the transaction fees have also increased. Because the number of Bitcoins transferred has also increased. In other words, new money may be entering the market. Since the rate of profit for both long-term and short-term investors has increased, the rate of profit realization is also increasing. This is one of the points that should be taken into consideration... As the price increased, investors started to sell Bitcoin and take their profits. As Glassnode, we do not see an alarm situation here, but it is useful to monitor this mobility..."