The market for Bitcoin is currently described as "compressed," with its price stuck between the median realized price of $63,000 and the short-term holder cost basis of $68,700, according to a report from Glassnode.
Source: X/Glassnode.Analysts have noted Bitcoin's lackluster response to positive macroeconomic conditions. Despite July's core inflation in the U.S. being recorded at 2.5% and American stocks hovering near all-time highs, Bitcoin has failed to demonstrate a robust recovery, which experts attribute to a lack of demand.
Researchers predict that if Bitcoin surpasses $68,700, recent buyers will return to profitability, signaling the first signs of market structure improvement.
On the other hand, a breach of the support level at $63,000 could lead to a decline toward the June low of approximately $58,500. Analysts have identified an aggregated realized price at $52,800 as the next potential support level.
Simultaneously, Glassnode has observed signs of seller fatigue. The proportion of profitable supply has approached levels typically seen at the bottom of previous bear markets. Another indicator of weakness is the nine unsuccessful attempts to recover at the breakeven level of the Spent Output Profit Ratio (SOPR).
Source: X/Glassnode.According to the analysts, consistent demand has yet to materialize. Net flows into ETFs only turned positive at the end of July, remaining significantly weaker than during previous accumulation phases. Moreover, coins continue to flow onto exchanges, adding to the supply pressure.
Analysts have also highlighted risks associated with derivatives. On Hyperliquid, large traders have maintained a net long position since mid-March, while open interest in futures has already surpassed their daily volume. Additionally, the depth of buy orders has decreased by about one-third since early July.
Source: X/Glassnode.It is worth noting that on August 10, a contributor from CryptoQuant using the pseudonym ShayanMarkets outlined the nearest resistance levels for Bitcoin.