Bitcoin is currently “range-bound under pressure,” having dipped below the “True Market Mean” and is heading toward a defensive range near the Realized Price of around $55,000, according to a report from Glassnode. This on-chain analytics firm noted the prevalent weakness in demand across both spot and derivative markets.

“Spot flows and ETF demand remain weak, accumulation is fragile, and options positioning shows panic hedging fading, but not renewed bullish conviction.”
(Translation: Demand in spot markets and ETFs is weak, and accumulation is vulnerable while panicked hedging has decreased, but there is no new bullish confidence.)

Glassnode indicated that historically, deeper phases of a bear market typically find their lower structural boundary around the Realized Price, now estimated to be near $54,900.

This point represents nearly an 18% fall from current prices, which would result in a decline of 56.4% from the peak, a less severe drop compared to the last two bear markets.

Market Consolidation Overview

The report also highlighted that the Accumulation Trend Score stands at approximately 0.43, significantly lower than the 1.0 threshold that would indicate robust buying activity by large entities.

The Spot Cumulative Volume Delta (CVD), which measures the difference between market buy and sell orders over time, has turned notably negative on major exchanges like Binance and Coinbase, suggesting sellers currently dominate.

Glassnode concluded that the market is transitioning from reactive liquidation to a more controlled consolidation phase.

“For a durable recovery to emerge, renewed spot demand, sustained accumulation, and improving liquidity conditions will be required.”
(Translation: A sustainable recovery will rely on an increase in spot market demand, continued accumulation, and better liquidity conditions.)

Bitcoin Chart

Bitcoin Price Trends

Bitcoin continues to exhibit weakness, falling below $66,000 briefly during late trading on Wednesday. The asset faced resistance just under $67,000 during the Thursday morning Asian trading session, struggling to regain that level at the time of this writing.

The price has seen little movement over the past two weeks, with a downward path appearing to be the prevailing trend.