Bitcoin’s support floor has thinned as June buy orders disappear, leaving price between $63,000 and the $68,700 holder cost basis. Apparent demand improved from -272,000 BTC to -32,000 BTC, b
Bitcoin’s support base has weakened as buy orders beneath price drain away, while demand remains negative despite improving. Glassnode reported a thinner floor beneath Bitcoin after heavy June bids began disappearing. Meanwhile, Darfost said apparent demand improved sharply from June levels but remained negative, leaving Bitcoin between key cost-basis levels.
Glassnode said the heavy wall of buy orders built below Bitcoin in June has started to drain. The remaining support now forms a much thinner floor beneath the market. Price remains between the Median Realized Price at $63,000 and Short-Term Holder Cost Basis at $68,700.
Glassnode also identified $58,500 as a level below the current range. Notably, Bitcoin has traded within this cost-basis pocket for nearly three months. The 50-day and 200-day levels were not provided in the supplied data.
The market also recorded its lowest spot volume since 2019. Glassnode said exchange activity has continued falling, with Binance excluded figures also nearing 2023 bear-market lows.
Glassnode reported supply in profit near previous bear-market floor territory. Its Seller Exhaustion Constant also reached a cycle low, although prior floor levels remained deeper. Adjusted SOPR has repeatedly failed to hold above 1.0 since October’s peak.
Glassnode counted nine recovery attempts that ended with sellers exiting around break-even. Meanwhile, ETF flows have turned positive since late July. However, Glassnode said those inflows remain small compared with earlier accumulation periods.
Exchange Net Position Change also remains in inflow territory. Coins have continued moving toward exchanges, although the pace has declined from early June levels.
Darfost reported apparent demand at -32,000 BTC, improving from -272,000 BTC when Bitcoin entered its consolidation range in early June. However, the metric remains negative and has not reached a level that Darfost considers strong enough.
Similar patterns appeared in February and May before demand declined again. Darfost also linked the change to lower average issuance following a decline in hashrate. Apparent demand compares new BTC issuance with supply inactive for more than one year.
The measure therefore tracks whether accumulation can absorb newly created Bitcoin supply. Current data show improvement, but demand remains below zero.
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