Glassnode Warns of Bitcoin Drop if Buyers Fail to Materialize
On-chain analytics firm Glassnode has issued a warning that Bitcoin may be poised to drop further, citing 'buyers are absent' in its latest report. The market is currently pinned between the firm's median realized price of $63,000 and the short-term holder cost basis of $68,700.
Glassnode noted that the Seller Exhaustion Constant (30d) has not yet confirmed a historical bottoming signature, and continues to monitor for selling pressure to stall further. The constant is at its weakest since 2013, with open interest above a full day's volume.
The report warns that losing $58,500 could open a path toward $52,800. Michael Terpin, the Transform Group founder, has argued that this signal may mark the end of a bitcoin bear market, and is predicting an October bottom near $57,000.