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.
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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.
Crypto-linked stocks joined the move. Strategy jumped 10%, while Circle added 9% and Coinbase gained 6%.
"We continue to see strong breakout potential for BTC, with concentrated shorts providing ample fuel for a move higher," K33 analyst Vetle Lunde said.
The rally followed Donald Trump's remark late Tuesday that he would extend the Iran ceasefire while keeping a naval blockade of the Strait of Hormuz. BTC had spent most of early 2026 range-bound between $70,000 and $76,000, with a Q1 drop from roughly $90,000 to $68,000 weighing on sentiment before the April breakout.
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