Bitcoin’s price recovery is facing a critical test as selling pressure eases but fresh spot demand remains weak. On-chain analytics firm Glassnode noted that sellers are losing momentum, yet buyers have not returned in force. “Sellers are tiring but buyers are absent,” Glassnode said on X, adding that leveraged traders are already positioning for a rebound that current market data does not yet support.
The market is tightly coiled between key cost-basis levels, with Bitcoin facing key price levels at $58,500 and $68,700 as traders await a clearer direction. Separately, analyst Ki Young Ju observed that Bitcoin’s futures market leverage has declined to 0.3 after previously peaking above 0.5. This adjusted leverage remains higher than pre-ETF levels, suggesting that traders have not abandoned bullish expectations despite the pullback.
The drop in leverage points to a recalibration of trading strategies amid mixed market signals and fluctuating institutional interest tied to ETF inflows. Trading volumes remain stagnant, reflecting cautious sentiment among investors waiting for clearer signals from the ETF landscape and broader market trends. If institutional inflows strengthen, leverage could rise again, but persistent caution leaves the market vulnerable to volatility.
