Glassnode Warns Bitcoin Price Could Plummet if $58,500 Support Fails

Blockchain analytics firm Glassnode has issued a warning that Bitcoin's price could drop further if it breaks below $58,500. According to on-chain data, the current spot trading volume for Bitcoin is at its lowest level since 2019, indicating weak market participation.

The median realized price of Bitcoin is currently around $63,000, while the average entry price for short-term holders is around $68,700. This suggests that many recent buyers are underwater and could increase selling pressure if prices decline further.

Glassnode also noted that indicators of seller exhaustion are nearing levels seen at past bear-market bottoms, but spot demand remains weak with limited net inflows into Bitcoin ETFs and continued net inflows of BTC to exchanges. This suggests that investors may be preparing to sell rather than accumulate.