Glassnode Warns of Bitcoin Pullback Risk to $58,500

Glassnode analysts said bitcoin is in a compressed state, with price wedged between the median realized price near $63,000 and the short-term holder cost basis around $68,700.

A move back above the resistance zone would bring recent buyers into profit and would be an initial signal of improving market structure. However, a break of support could see bitcoin retreat toward the June low near $58,500.

If that level fails, analysts pointed to the aggregate realized price around $52,800 as the next lower boundary.