According to Glassnode, Bitcoin is currently testing major resistance between $93,000 and $95,000, having broken its recent downtrend and established a new higher high. Both on-chain and technical indicators signal a critical turning point in the market, with increased trading volume and active addresses suggesting strong investor interest. Traders should closely monitor the $93K–$95K resistance zone, as a breakout could confirm the start of a new bullish phase, while rejection may lead to short-term volatility (Source: Glassnode Week On-Chain report).

According to glassnode, despite recent strong rebounds in the crypto market, short-term hot capital for Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP) remains significantly below their respective cycle highs. Specifically, BTC hot capital is down $60.5B or 60.8%, ETH is down $6.6B or 60.3%, SOL is down $5.9B or 38.4%, and XRP is down $5.5B or 71.7%. This suggests that while price recoveries have occurred, trader capital allocations remain cautious, potentially limiting short-term upside momentum and increasing volatility risk. Traders should closely monitor capital flows for signals of renewed bullish conviction. (Source: glassnode, Twitter, April 29, 2025)