The blockchain analytics firm Glassnode shared its weekly report, which features various key metrics and on-chain data related to the leading cryptocurrency.
Spot Metrics
The spot price rebounded strongly over the past week, after re-testing the sub-$114,000 level and climbing back towards $121,000. This brought momentum back into the spot market, with several sectors showing signs of renewed user activity, although a close eye is to be kept on the conditions.
The Relative Strength Index (RSI), which measures the speed and change of price movements by calculating the average gains & losses over (usually) 14 days, has increased to 47.5, marking a 14.5% gain. This signals a strengthening investor interest and a potential bullish shift; however, as the RSI is below the midpoint, it warrants caution as the momentum needs to hold to confirm the trend.
Source: Glassnode
Meanwhile, Spot Volume decreased from $7.3 billion to $5.7 billion, representing a 22% reduction, which indicates reduc
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