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Bitcoin prices continue to trade within a consolidation range amid mounting pressure, with warnings that the price could drop to lower levels near $55,000.
Glassnode said that given the apparent weakness in spot demand and derivatives, prices broke above the so-called real market average and slipped into a defensive range close to realized prices (real prices), currently around $54,900.
“Glassnode” noted that spot flows and demand for ETFs remain weak and accumulation is fragile, while the options market shows hedging behavior out of fear without a return of bullish belief.
Historically, deeper stages of bear markets have found structural bottoms around the price reached, about 18% away from current prices.
Looking at price action, analysis shows that the accumulation trend index is around 0.43, which is still far from the level of strong buying by large entities.
The cumulative spot volume spread (CVD) on major platforms such as Binance and Coinbase has also turned negative, confirming the dominance of sellers.
Glassnode concludes that the market is moving from passive liquidation to disciplined consolidation, arguing that any sustainable recovery will require a return to immediate demand, continued accumulation and improved liquidity.
At the network level, Santiment reported that Bitcoin activity dropped significantly in 2025, with fewer new and active addresses, suggesting that any long-term rebound would require a significant improvement in network growth.
In the same context, analyst Willie Wu confirmed that the bear market trend is still strengthening, explaining that a rise in volatility is usually accompanied by a deepening of the bear market before reaching the peak of the decline.
Looking at the price, Bitcoin briefly fell below $66,000 and then approached $67,000, but has not yet recovered to this level at the time of writing.
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