According to Glassnode analysts, the market bottom for bitcoin has not been confirmed, as selling pressure appears to be slowly easing. They add that persistent spot demand remains absent, while derivative markets register rising open interest and increasing long positions.

Key price levels

• $68 700 — a sustained close above this level, together with rising volumes and ETF inflows, would signal improving market conditions.
• $63 000 — identified as the median realized price and the current zone of support where realized losses and gains converge.
• $58 500 — a breach of this level amid thin liquidity and elevated leverage could sharply accelerate the sell-off across venues.

Market structure and risks

Spot trading volumes for bitcoin are at their lowest recorded level since 2019, according to Glassnode's data compilation of on-chain and exchange metrics. At the same time, derivatives activity shows growing open interest and net long exposure, creating a divergence between spot liquidity and futures positioning.

Glassnode warns that the combination of low spot depth and high leverage increases the probability of rapid price moves if key support levels fail. The firm emphasizes that a decisive break below $58 500 under current market conditions could prompt an expedited unwinding of leveraged positions and trigger broader selling pressure.