Bitcoin is facing continued selling pressure as the Coinbase Bitcoin Premium Index has remained negative for around 90 days. This suggests that demand from U.S. traders has remained relatively weak.
BTC has also struggled to reclaim the $70,000 level, falling from around $79,000 in May to approximately $62,900. Weak RSI and Bollinger Band signals have added to the bearish outlook.
Meanwhile, Glassnode data indicates that buy-side support below Bitcoin’s current price has weakened, meaning there may be less liquidity to absorb heavy selling if the market drops further.
However, these signals do not necessarily mean Bitcoin is heading for a major crash. They mainly suggest that short-term downside risk remains elevated until stronger buying pressure returns.
