Bitcoin holds above $60,800 as Glassnode flags early bottom signs

Bitcoin traded at $60,870, marginally above its year‑to‑date low of $58,000, for a second straight day of gains even as spot Bitcoin ETFs recorded $748 million of outflows this week [1]. Glassnode’s latest on‑chain report interprets the price stability as a “bottoming” signal: long‑term holders are net‑absorbing supply while the Relative Strength Index has climbed from an extreme 15 to around 40, and the Percentage Price Oscillator has turned positive [1][2].

On‑chain dynamics behind the price pause

Glassnode’s Week On‑Chain report shows that the recent sell‑off pushed a large share of Bitcoin’s supply “underwater,” meaning more coins are held at a loss than in profit [2]. Despite this stress, accumulation has strengthened across multiple wallet cohorts, indicating that patient investors are stepping in while the market sentiment remains fearful (Fear & Greed Index at 20) [1][2]. The report notes that long‑term holders are beginning to absorb the newly‑available supply, a pattern that historically precedes a market base formation even when price charts look weak.

ETF outflows and market pressure

Spot Bitcoin ETFs have suffered $748 million of net withdrawals this week, marking the eighth consecutive week of outflows and a total of $4.5 billion lost in June alone [1]. These flows have added downward pressure on Bitcoin’s price, yet the asset has held above the $60,000 support zone, suggesting that on‑chain buying may be offsetting the ETF‑driven sell‑side. Glassnode warns that if the “Strategy” sales accelerate and break the $55,000 support, further downside could ensue [1].

Technical outlook

The RSI’s rise from ~15 to ~40 signals a reduction in oversold conditions, while the PPO’s upward turn points to a nascent bullish momentum [1]. Should Bitcoin maintain its hold above $60,000, the next technical hurdle is the $65,000 resistance level; a break below $55,000 would likely trigger renewed selling pressure.

What to watch

• Price thresholds: $55,000 support and $65,000 resistance.
• ETF flow trends: Weekly net outflows from spot Bitcoin ETFs; a reversal to net inflows could shift market dynamics.
• On‑chain accumulation: Continued net‑absorption by long‑term holders in Glassnode’s weekly data.

The convergence of modest price recovery, improving technical indicators, and on‑chain accumulation suggests Bitcoin may be forming a base, but the market remains vulnerable to further ETF outflows or a breach of the $55,000 support zone.