Glassnode: BTC still faces downward pressure but shows signs of stabilization

On-chain analytics firm Glassnode has projected that while Bitcoin remains exposed to downward pressure, several signals indicate the market may be entering a more stable phase. In its weekly report, Glassnode noted that the price of BTC has been trading within a range of $62,800 to $72,600 for over a month. Attempts to reclaim the $70,000 level have repeatedly failed, and geopolitical uncertainty is heightening medium-term downside risks. However, the firm observed signs of stabilization as ETF inflows have resumed and spot demand shows signs of recovery. A negative funding rate in the futures market suggests a bias toward short positions, increasing the likelihood of a squeeze if spot demand rises. Additionally, easing implied volatility in the options market signifies a reduction in short-term risk, Glassnode explained.