Bitcoin Range-Bound Under Pressure as Analysts Eye $55,000

Bitcoin is “range-bound under pressure,” having broken below the “True Market Mean,” slipping into a “defensive range toward the Realized Price,” of around $55,000, reported Glassnode on Wednesday. The on-chain analytics provider remained bearish, noting that demand across spot and derivative markets was weak.

Glassnode noted that historically, deeper bear market phases have found their lower structural boundary around the Realized Price. This is a measure of the average acquisition cost of all circulating coins, which now stands near $54,900.

This level is almost 18% lower than current prices and would put the fall from peak to 56.4%, which is much shallower than the last two bear markets.

Market in Controlled Consolidation

The analysts also noted that the Accumulation Trend Score sits near 0.43, well short of the 1.0 level that would signal serious large-entity buying.

Spot Cumulative Volume Delta (CVD), which tracks the difference between market buy orders and market sell orders over time, has turned firmly negative across major exchanges such as Binance and Coinbase, meaning sellers are in control.

Glassnode concluded that the market is “transitioning from reactive liquidation to controlled consolidation.”

Bitcoin network activity has also collapsed, according to Santiment, which reported on Wednesday that there have been large declines in new and unique addresses as Bitcoin’s utility declined in 2025.

“BTC is still strengthening its bear trend,” observed analyst Willy Woo, who said that volatility is a key metric to detect trends. Bitcoin entered its bear market when volatility spiked upwards quickly, he said, before adding:

BTC Price Outlook

Bitcoin continues to weaken, dropping below $66,000 briefly in late trading on Wednesday. It came just shy of $67,000 during the Thursday morning Asian trading session, but had not reclaimed it at the time of writing.

The asset has been trading sideways for the past two weeks, and the path of least resistance appears to be downwards.

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