Bitcoin Rebounds to Above $65,700 on June 17; Glassnode Signals Improving Demand

BTC-0.60%
On June 17, Bitcoin rebounded to above $65,700 after dipping to an intraday low of $64,503 earlier in the day, closing nearly flat at -0.1% with market capitalization holding near $1.32 trillion. According to Glassnode's latest research, spot cumulative volume delta (CVD) recovered from deep negative territory to breakeven, indicating improved market demand and tentative base building after short-term speculators were flushed out. However, analysts cautioned that the bounce is fueled primarily by short-covering rather than sustained institutional buying, citing a 40.4% collapse in spot volume to $5.8 billion.
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