Glassnode: Bitcoin market highly contracts, falling below $58500 or dropping to $52800

Glassnode indicates that the Bitcoin market is in a highly contracted state, with buyers absent and trading activity dropping to its lowest level since 2019. If BTC falls below $58500, the next support level may drop to $52800. CryptoBusy points out that seller exhaustion is approaching the bottom of a bear market, but Bitcoin still needs to release selling pressure. Michael Terpin expects Bitcoin to bottom out around $57000 in October. Some analysts believe that the potential bottom of BTC is between $49000 and $53000. Glassnode warns leveraged traders to bet on market recovery, but current data does not support this expectation.