Bitcoin Market Structure Continues to Improve as Bullish Undertones Build: Glassnode

Bitcoin has spent the last week grinding higher from around $78,000 to top $82,000 twice, with buyers “continuing to absorb pullbacks even as momentum started to cool near local highs,” reported Glassnode on Monday.

The asset dipped below $81,000 briefly in early trading in Asia on Tuesday, but there has been “strong bullish sentiment” and “heightened conviction” in upward price movements, it added.

The analytics provider noted that spot trading volume has increased, suggesting recent price movements are “gaining traction with stronger investor participation.”

Bullish Undertones Are Building

This means that BTC’s market structure continues to improve, supported by stronger on-chain activity, healthier profitability, and more stable holder positioning, the analysts concluded.

“While bullish undertones are building, softer capital inflows and cautious sentiment indicate the market remains sensitive to shifts in risk appetite.”

Swissblock reported on Tuesday that Bitcoin is “still at full momentum” with the latest reset looking similar to previous failed ignition attempts.

“Bitcoin has now consolidated inside the cost-basis battlefield while momentum remains structurally strong. As long as momentum stays above the transition area, bulls retain control.”

Bitcoin is still at full momentum.

The latest reset looked similar to previous failed ignition attempts:

→ Momentum briefly recovered
→ Failed to sustain above the transition zone
→ Rolled back into negative momentum

But this time was different.

Momentum successfully… pic.twitter.com/EBZdNLW0rD

— Swissblock (@swissblock__) May 11, 2026

Alphractal founder and CEO Joao Wedson observed that the 30-day change in exchange reserves paints a different picture, with BTC falling every time this metric turns positive. Bitcoin entering exchanges is usually a sign of investors preparing to sell or short the asset.