Glassnode: BTC shows signs of bottoming at $60K amid bearish trend

While Bitcoin continues its bearish trend, signs of a market bottom are emerging, Glassnode analyzed in its weekly report. The report noted that although BTC is trading below its True Market Mean Price of $77,000—the average cost basis for actively traded coins—the entry of new investors has lowered the short-term holder cost basis to $71,400. However, the average daily realized loss has also increased to $205 million. Currently, BTC faces resistance in the $66,800 to $70,700 range, though some buying pressure is being observed on Coinbase. Glassnode explained that the recent decline was led by the spot market, with the derivatives market following suit and triggering long position liquidations. Furthermore, a concentration of long gamma exposure in the options market between $60,000 and $64,000 is suppressing spot price volatility. This is one of the factors forming a support zone at the $60,000 level, the report added.