Glassnode warns: Bitcoin 'buyer absent', falling below $58500 or dropping to $52800 According to BlockBeats, on August 18th, on chain data analytics firm Glassnode stated that the Bitcoin market is in a "highly contracted" state, with seller selling pressure decreasing, but buyers have not yet made a clear entry. At present, BTC is mainly fluctuating in the range of $63000 to $68700, and market trading activity has dropped to the lowest level since 2019. According to Glassnode data, the 30 day 'Seller Exhaustion Constant' has dropped to its lowest level since 2013, but historical market bottoming signals have not yet been confirmed. If BTC falls below $58500, the next support level may drop to $52800. CryptoBusy, a cryptocurrency analyst, pointed out that the current level of seller exhaustion is close to the bottom of the previous bear market, but there have been deeper selling cycles in history, so Bitcoin may still need to further release selling pressure to complete market clearing. Michael Terpin, founder of Transform Group, predicts that Bitcoin may bottom around $57000 in October and believes that the complete depletion of sellers is an important signal for the end of the bear market. However, the market has not formed a consistent bottom line judgment. Some analysts believe that currently only 2 out of 10 surrender indicators on Glassnode have been triggered, and BTC's potential bottom may be between $49000 and $53000. Analysts also pointed out that it is not enough to confirm that the market has entered a sustained accumulation stage before the ETF fund flow and spot trading volume significantly recover. Glassnode also warns that leveraged traders have placed bets on market recovery, but current on chain and market data have not yet fully supported this expectation. [Original link]