Bitcoin Stuck in Price Range as Market Activity Hits Seven-Year Low

Bitcoin's market activity has plummeted to a seven-year low, according to Glassnode. The firm stated that spot exchange volume has fallen to its lowest level since early 2019, signaling weak participation and market activity.

Glassnode noted that the current price range between $63,000 and $68,700 is unsustainable, with the Median Realized Price at $63,000 and the Short-Term Holder Cost Basis at $68,700. The firm warned that a sustained move above $68,700 could expose the market to its first major test of overhead supply.

Despite signs that selling pressure is beginning to fade, Glassnode stressed that the market has yet to experience the deeper capitulation seen at the bottoms of previous bear markets. The Seller Exhaustion Constant has fallen to a cycle low, but sellers are still visible.