Bitcoin Holds Ground Amid Easing Selling Pressure, Analyst Insights Indicate Potential Breakout

Recent data analysis by Glassnode indicates that Bitcoin (BTC) is finding stability amidst the easing of sell-pressure. While the market remains cautious, key metrics like MVRV Z-Score and NUPL suggest improved holder profitability and reduced fear of capitulation. This positive trend aligns with a resurgence in off-chain demand as seen through increased ETF inflows, rising futures funding rates, and expanding options open interest. However, Bitcoin’s on-chain activity shows mixed signals, indicating a rangebound market potentially waiting for broader participation to unlock its full potential.