Glassnode warns of deeper BTC losses if $58.5K support breaks

Glassnode said Bitcoin spot trading volume has fallen to its lowest level since the firm began tracking the data in 2019, warning that losses could deepen if BTC breaks below $58,500, according to Wu Blockchain. Glassnode said BTC is currently trading between the median realized price of $63,000 and the average entry price for short-term holders of $68,700. The firm added that indicators pointing to seller exhaustion are nearing levels seen at past bear-market bottoms, but spot demand remains weak as ETF net inflows are limited and BTC continues to see net inflows to exchanges. With buying interest thin and leveraged positions crowded, Glassnode said a drop below the June low of $58,500 could accelerate the downside.