Bitcoin Breaks $76,000, but Glassnode Says Bull-Market Confirmation Needs More Data
Bitcoin recently broke above $76,000, reviving expectations of a bull market. On-chain analytics firm Glassnode said the share of supply in profit must remain consistently above 75% to confirm that capital demand and holder profitability support a new bullish cycle. For now, the recovery remains in its early stages.
As of July 19, Bitcoin faced relatively limited on-chain resistance between $72,000 and $82,000, but new demand continued to lag capital exiting the market. Glassnode also observed that short-term holders had begun taking profits, suggesting that more data is needed to confirm the rally can continue after the break above $76,000.
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The history behind this eventBitcoin Breaks $74,000 as Crypto Liquidations Near $600 Million
Bitcoin’s recent performance has been shaped by both U.S. economic fundamentals and derivatives positioning. Strong economic data and an expansion in services lifted U.S. stocks, drawing capital back into risk assets. As Bitcoin broke through a key resistance zone, leveraged short sellers were forced to cover, further amplifying the rally and sharpening the market’s focus on support levels and pullback risks.
Bitcoin climbed as high as $74,400, breaking above $74,000 and reaching its highest level since February. Ether and other major cryptocurrencies gained as much as 7%. CoinGlass data showed that liquidations across the crypto market approached $600 million over the latest 24 hours, including about $430 million in short-position losses, indicating that a short squeeze and derivatives trading were important forces behind the rally’s acceleration.
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