Bitcoin rebounded toward $69,000 on Feb. 25 after an intraday flush into the low-$60,000s that liquidated nearly $500 million in short positions.
Drivers behind the bounce
Glassnode linked the move to a broader risk-on session in equities, alongside a positioning reset after capitulation.
US spot Bitcoin ETFs also briefly improved, with Feb. 24 printing net inflows of $257.7 million after a $203.8 million outflow the prior day.
Glassnode said leverage looked cleaner as perpetual funding normalized toward neutral, while short-dated options volatility spiked near $62,000 and then compressed as price reclaimed the mid-$60,000s.
Structural weakness remains
Glassnode described the market as defensive rather than recovering.
“The market is stabilizing, not yet recovering.”
Bitcoin remains range-bound around a key demand zone between $60,000 and $69,000, after a 47% drawdown from all-time highs.
“Bitcoin remains range-bound between $60k–$70k at a 47% drawdown from ATH.”
Glassnode estimated roughly 9.2 million BTC are held at a loss, while its Accumulation Trend Score stayed below 0.5.
“Nearly 9.2M BTC are now held at a loss, yet accumulation remains weak.”
It also flagged impaired liquidity, with the 90-day Realized Profit/Loss Ratio below 1.0 and spot CVD turning sharply negative.
“Spot CVD has turned decisively negative across major venues.”
Levels that matter now
Glassnode framed $62,000 to $62,500 as a key downside line, with $60,000 as the range floor.
It said failure to reclaim levels above $70,000 keeps downside contraction risk elevated, while higher valuation anchors include the $72,000 corridor top and an estimated $79,200 True Market Mean.
