Glassnode Says Bitcoin Holds Near $63,600 as Selling Pressure Eases
Minseung Kang
Summary
- On-chain analytics firm Glassnode said Bitcoin (BTC) was trading near $63,600.
- It said market sentiment remained weak because of thin spot liquidity, exchange-traded fund (ETF) outflows, and continued loss realization.
- It added that recent stabilization in fund flows may signal easing selling pressure, though market conviction remains limited.
Forecast Trend Report by Period
Bitcoin is hovering near $63,600, with selling pressure showing signs of easing. Even so, clear buying conviction remains limited, according to Glassnode.
On Aug. 17, the on-chain analytics firm wrote on X, formerly Twitter, that market sentiment remained weak amid thin spot liquidity, exchange-traded fund outflows and continued loss realization.
Still, Glassnode said recent stabilization in fund flows suggests selling pressure may be gradually weakening.
It added that while steadier fund flows could point to easing selling pressure, overall market conviction remains limited.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.