The Backstory of Bitcoin's Rebound: Resurgent US Demand Leading the Market Sentiment

On-chain data shared by Glassnode shows that Bitcoin experienced a short-term decline of about 2% in mid-month, but quickly stabilized after finding strong support near the key level of $87,800. Market sentiment has shifted noticeably. Analysis indicates that the short-term target price range is between $98,400 and $99,000.

📍 Key Technical Points:
• Glassnode data indicates that around $87,800 is the cost basis for active investors, providing solid support for the price.

• The medium-term key resistance is near $94,000. A sustained break above this level would reinforce a bullish trend, while failure to do so could limit upward momentum.

🇺🇸 US Capital Flows & Institutional Demand:
• Coinbase Bitcoin premium index has returned to positive territory, indicating increased demand from US investors.

• US spot Bitcoin ETF saw approximately $1.6 billion in net inflows within just two days, highlighting institutional capital returning to the market.

💱 Macroeconomic Liquidity Environment:
• The supply of US stablecoins has increased by over $50 billion since the launch of the Genius Act, providing liquidity for capital entering the crypto market.

• Expectations of Federal Reserve rate cuts and continued loose monetary policy support enthusiasm for risk assets.

According to on-chain data analysis from Glassnode, Bitcoin's current rebound is primarily driven by healthy demand from US institutions and genuine market interest, rather than a mere technical bounce. The subsequent trend will still be influenced by US capital inflows, macro policy, and changes in stablecoin liquidity.

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