Bitcoin Consolidates Around $64K as Seller Pressure Eases
Bitcoin's price has been consolidating around $64,000 for weeks, but on-chain data suggests that selling pressure is easing. Glassnode's Seller Exhaustion Constant has declined sharply in 2026, indicating a reduction in forced selling.
The metric combines the percentage of Bitcoin supply in profit with 30-day price volatility and has historically reached very low levels at major cycle bottoms. However, the current reading of around 0.0164 is still above these sub-0.01 levels.
Bitcoin's market structure remains a hurdle for bulls, with technical indicators showing resistance overhead. The 50-day SMA provides nearby technical support, but a sustained move through the mid-$60,000s would be required to improve the short- and medium-term technical structure.