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

**Published:** 2026-07-08T16:45:58.501Z  
**Topic:** On Chain Analysis  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/8996d013-dff8-4bdb-9197-f2eef52e6db6

Bitcoin steadies above $60,800 despite $748 M weekly ETF outflows; Glassnode reports long‑term holders absorbing supply and RSI rising to 40, hinting at a

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].

| At a glance | |
|---|---|
| Price | $60,870 |
| 24h change | +0.5 % (second consecutive rise) |
| Key level | $60,000 support; $65,000 next upside target |
| Catalyst | $748 M weekly outflows from spot Bitcoin ETFs; long‑term holder accumulation per Glassnode [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.

## Sources
1. Invezz — [Πρόβλεψη τιμής Bitcoin: Η Glassnode δείχνει σημάδια πάτου παρά τις ισχυρές εκροέ...](https://invezz.com/gr/news/2026/07/02/bitcoin-price-prediction-glassnode-sees-bottoming-signs-despite-surging-etf-outflows/)
2. NewsBTC — [Glassnode Says Bitcoin Accumulation Is Building Under The Surface](https://www.newsbtc.com/news/glassnode-says-bitcoin-accumulation-is-building-under-the-surface/)
3. Wikipedia — [Glassnote Records](https://en.wikipedia.org/wiki/Glassnote_Records)

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Cite as: TrendWatcher, "Bitcoin holds above $60,800 as Glassnode flags early bottom signs", https://www.trendwatcher.in/article/8996d013-dff8-4bdb-9197-f2eef52e6db6