On-chain data speaks the plain truth: the sellers are running out of steam, but the bottom hasn’t arrived yet
Glassnode’s latest report poured cold water on the market. Around the $64,000 area, Bitcoin’s sell wall has already shown signs of exhaustion.
Note: it’s not that buyers have rushed in—it’s that sellers no longer have energy. Two concepts that are light-years apart.
Conclusion in one sentence: downside momentum is weakening, but there’s no bottom signal yet.
Why is selling pressure exhausted? Because the people who should have left already left. Panic selling has mostly run its course.
So why say there’s still no floor? Because buying demand hasn’t really come back. Without buyers stepping in, “no one selling” alone can’t support a reversal.
The market is like a tug-of-war right now: one side of the rope is loose, the other side isn’t pulling either. Stalemate—stuck in place.
What do you call this state in the cycle? Pre-bottom grinding.
Historically, every major bottom has to go through a stretch of suffocation where neither selling nor buying can really move the market.
If you can endure it, the meat is what comes afterward. If you can’t, you often fall during the darkest stretch right before dawn.
Harmony says this plainly: on-chain data won’t lie. But it only tells you what’s happening now—it doesn’t tell you the future.
Sell-pressure exhaustion is a necessary condition, not a sufficient one. What we’re really waiting for is the moment trading volume expands.
A volume expansion rally—that’s the real reversal. A low-volume sideways move—then you still have to keep waiting.
So don’t rush to bottom-fish, and don’t rush to cut losses.
Keep your eyes on trading volume. It’s more honest than anyone’s mouth.
Seller exhaustion suggests the worst is likely passing—but good days still need the buyer to make the first move and show their stance.
How long do you think this current grind-to-bottom cycle still has to grind?
Click the profile picture to watch the livestream.
Every day, I’ll take you to track Bitcoin hotspots—not just what’s happening in the news, but also help you understand the underlying logic and opportunities 👉🦖
#比特币 #On-chain data
Glassnode’s latest report poured cold water on the market. Around the $64,000 area, Bitcoin’s sell wall has already shown signs of exhaustion.
Note: it’s not that buyers have rushed in—it’s that sellers no longer have energy. Two concepts that are light-years apart.
Conclusion in one sentence: downside momentum is weakening, but there’s no bottom signal yet.
Why is selling pressure exhausted? Because the people who should have left already left. Panic selling has mostly run its course.
So why say there’s still no floor? Because buying demand hasn’t really come back. Without buyers stepping in, “no one selling” alone can’t support a reversal.
The market is like a tug-of-war right now: one side of the rope is loose, the other side isn’t pulling either. Stalemate—stuck in place.
What do you call this state in the cycle? Pre-bottom grinding.
Historically, every major bottom has to go through a stretch of suffocation where neither selling nor buying can really move the market.
If you can endure it, the meat is what comes afterward. If you can’t, you often fall during the darkest stretch right before dawn.
Harmony says this plainly: on-chain data won’t lie. But it only tells you what’s happening now—it doesn’t tell you the future.
Sell-pressure exhaustion is a necessary condition, not a sufficient one. What we’re really waiting for is the moment trading volume expands.
A volume expansion rally—that’s the real reversal. A low-volume sideways move—then you still have to keep waiting.
So don’t rush to bottom-fish, and don’t rush to cut losses.
Keep your eyes on trading volume. It’s more honest than anyone’s mouth.
Seller exhaustion suggests the worst is likely passing—but good days still need the buyer to make the first move and show their stance.
How long do you think this current grind-to-bottom cycle still has to grind?
Click the profile picture to watch the livestream.
Every day, I’ll take you to track Bitcoin hotspots—not just what’s happening in the news, but also help you understand the underlying logic and opportunities 👉🦖
#比特币 #On-chain data