Bitcoin (BTC) topped $79,000 Wednesday as Glassnode's risk index dropped to zero, a reading that analysts said points to a cleared path for further upside.
Glassnode Flags Cleared Risk
The market intelligence firm's proprietary Risk Index, which measures systemic risk on a scale of 0 to 100, is hovering at its lowest possible level, Glassnode said.
Its Moderate Strategy tracker also flipped from "Moderate" to "High Confidence" for the first time since Oct. 10.
The alignment of both models signals a bullish regime. Glassnode pointed to sustained inflows into Bitcoin ETPs and aggressive demand from spot buyers as support.
Also Read: Ethereum Nears $2,450 Showdown As Bulls And Bears Split On Next Move
BTC Rally Tops $79K
BTC climbed above $79,000 on Wednesday, hitting its strongest level since early February. The asset rose 4.5% over 24 hours, dragging Ethereum (ETH), Solana (SOL) and XRP (XRP) higher with it.
