Glassnode: Bitcoin Builds Support Near $60K as Liquidity Stabilizes

BTC-1.61%
According to Glassnode, Bitcoin declined to near $60,000 on June 18, with blockchain analytics showing early signs of market stabilization despite ongoing pressure on recent holders. The firm's analysis indicates that improving liquidity conditions in the spot market, combined with continued passive buying activity and strong participation from exchange-traded fund investors, suggest the market may be establishing a floor. Bitcoin is currently trading at a 15% discount to the True Market Mean of $77,200. While profitability metrics remain weak, Glassnode noted that the pace of decline has slowed, with Realized Cap contracting just 0.18% over the past seven days, indicating reduced selling pressure and growing support from long-term capital.
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