Bitcoin Price Check: Glassnode Says the Rebound Is Built on Thin Demand

Bitcoin pushed back toward $64,000 before slipping to around $62,000, but onchain data provider Glassnode argues the bounce is less convincing than it appears. The firm says liquidity conditions look thin, while spot activity and derivatives positioning point to a market still lacking broad-based conviction even as institutional interest gradually returns. Glassnode: Rally Lacks Strong Buying Support Glassnode highlighted several indicators suggesting the move higher has not been fueled by aggressive buying: - Bitcoin's 14-day RSI climbed from 50.8 to 66.9, bringing the asset close to overbought territory. - Spot trading volume fell 21.5% over the past week, dropping from $5.2 billion to $4.1 billion. - Spot Cumulative Volume Delta (CVD) swung from +$17.2 million to -$58.8 million, indicating aggressive sellers are outweighing aggressive buyers despite rising prices. - Perpetual futures CVD declined sharply from $457.5 million to $83.9 million, a sign that buyer momentum is fading. Glassnode summed it up by saying the advance has been driven by "relatively thin liquidity rather than broad-based buying conviction." Retail Appetite Cools Retail sentiment has softened as Bitcoin struggles to hold above $63,000. The broader crypto market slipped about 1.1%, taking total market capitalization to roughly $2.24 trillion. Liquidations accelerated over the past 24 hours, with more than $250 million in leveraged positions wiped out. Nearly $200 million of that total came from longs. Derivatives positioning also signaled caution. Futures open interest was largely flat, edging down from $31.4 billion to $31.3 billion, suggesting traders are staying in the market without adding risk aggressively. Options open interest rose modestly to $28.1 billion, though still below its historical statistical range. Altcoins Mixed in the Pullback Large-cap altcoins showed uneven performance. XRP saw the steepest decline among major tokens, down about 1.5% as retail sentiment shifted from extremely bullish to bearish. Ethereum, Solana, BNB, and Dogecoin each fell by less than 1%. Ethereum traded near $1,782, with $1,700 in focus as key support and $1,840&$1,850 viewed as the next resistance zone. Crypto analyst Ted Pillow said that as long as ETH holds above $1,750, a path toward $2,000 remains intact. What to Watch Next Glassnode said the next few sessions will be pivotal in determining whether buying activity can strengthen enough to sustain the rally. Onchain analyst Ali Martinez noted that whale accumulation has continued since June, with Bitcoin's Accumulation Trend Score staying close to 1. He cautioned that after losing the $63,000 midrange level, Bitcoin could revisit support around $61,700 before attempting another leg higher. Macro and policy catalysts are also on the radar this week, including CPI and PPI inflation releases, potential Strategy (MSTR) Bitcoin accumulation updates, and renewed discussion around the CLARITY Act. Tags: Bitcoin Price Analysis