Seller Exhaustion Builds Around Bitcoin's Narrow Price Range

Bitcoin has been trading within a narrow range of $63,500 to $65,000 since early August, but data suggests that sellers may be running out of steam. According to Glassnode, a signal of seller exhaustion is building around the $64,000 price level.

This phenomenon is often associated with the final stages of a correction, but Glassnode remains cautious and does not confirm the formation of a lasting bottom.

Bitfinex data also indicate that 54.6% of the circulating Bitcoin supply is currently in profit, which historically has been more often accompanied by the end of corrections than their start.