{"id":64026,"date":"2026-02-20T17:30:21","date_gmt":"2026-02-20T14:30:21","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=64026"},"modified":"2026-02-20T13:09:56","modified_gmt":"2026-02-20T10:09:56","slug":"why-is-bitcoin-under-pressure-glassnode-data-reveals-the-shift","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/why-is-bitcoin-under-pressure-glassnode-data-reveals-the-shift\/","title":{"rendered":"Why Is Bitcoin Under Pressure? Glassnode Data Reveals the Shift"},"content":{"rendered":"<p data-start=\"694\" data-end=\"1123\"><strong>Bitcoin<\/strong> has fallen below the True Market Mean, entering a defensive range toward the Realized Price (~$54,900). <strong>Glassnode<\/strong>\u2019s latest on-chain data shows this breakdown is more than a short-term deviation. The market is no longer in a clear uptrend. Instead, it is trying to stabilize. Demand remains weak, <strong>ETF<\/strong> flows have turned negative, and there is still no clear signal that large investors have returned with strong conviction.<\/p>\n<p data-start=\"1125\" data-end=\"1234\">In periods like this, price usually does not search for direction immediately. It searches for a floor first.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/why-is-bitcoin-under-pressure-glassnode-data-reveals-the-shift\/#Loss_of_79000_shifted_market_structure_into_defense\" title=\"Loss of $79,000 shifted market structure into defense\">Loss of $79,000 shifted market structure into defense<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/why-is-bitcoin-under-pressure-glassnode-data-reveals-the-shift\/#60000%E2%80%9369000_emerges_as_critical_defense_zone\" title=\"$60,000\u2013$69,000 emerges as critical defense zone\">$60,000\u2013$69,000 emerges as critical defense zone<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/why-is-bitcoin-under-pressure-glassnode-data-reveals-the-shift\/#Accumulation_exists_but_strong_buying_has_not_returned\" title=\"Accumulation exists, but strong buying has not returned\">Accumulation exists, but strong buying has not returned<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/why-is-bitcoin-under-pressure-glassnode-data-reveals-the-shift\/#ETF_outflows_increase_structural_pressure\" title=\"ETF outflows increase structural pressure\">ETF outflows increase structural pressure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/coinengineer.net\/blog\/why-is-bitcoin-under-pressure-glassnode-data-reveals-the-shift\/#Panic_fades_in_derivatives_market\" title=\"Panic fades in derivatives market\">Panic fades in derivatives market<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/coinengineer.net\/blog\/why-is-bitcoin-under-pressure-glassnode-data-reveals-the-shift\/#Bitcoin_is_searching_for_balance_as_direction_remains_unclear\" title=\"Bitcoin is searching for balance as direction remains unclear\">Bitcoin is searching for balance as direction remains unclear<\/a><\/li><\/ul><\/nav><\/div>\n<h2 data-start=\"1236\" data-end=\"1292\"><span class=\"ez-toc-section\" id=\"Loss_of_79000_shifted_market_structure_into_defense\"><\/span>Loss of $79,000 shifted market structure into defense<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"1294\" data-end=\"1550\">The True Market Mean represents the average cost basis of the active <a href=\"https:\/\/coinengineer.net\/blog\/how-much-bitcoin-is-left-to-buy\/\">BTC supply<\/a> and currently sits near $79,000. Falling below this level means the average investor cost basis is now above market price. This shift is not only technical, but behavioral.<\/p>\n<p data-start=\"1552\" data-end=\"1854\">In previous cycles, similar breakdowns were followed by extended consolidation phases moving toward the Realized Price. Today, that level stands near $54,900. This metric reflects the average acquisition cost of all circulating Bitcoin and is widely considered a long-term structural equilibrium level.<\/p>\n<p data-start=\"1856\" data-end=\"2065\">As a result, the current structure is defined between two key reference points: $79,000 as resistance and $54,900 as structural support. Medium-term market behavior is now largely forming within this corridor.<\/p>\n<p data-start=\"1856\" data-end=\"2065\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-64028\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/risk-indicator-btc-1024x576.jpg\" alt=\"\" width=\"1020\" height=\"574\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/risk-indicator-btc-1024x576.jpg 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/risk-indicator-btc-300x169.jpg 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/risk-indicator-btc-768x432.jpg 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/risk-indicator-btc-1536x864.jpg 1536w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/risk-indicator-btc-2048x1152.jpg 2048w\" sizes=\"auto, (max-width: 1020px) 100vw, 1020px\" \/><\/p>\n<h2 data-start=\"2067\" data-end=\"2118\"><span class=\"ez-toc-section\" id=\"60000%E2%80%9369000_emerges_as_critical_defense_zone\"><\/span>$60,000\u2013$69,000 emerges as critical defense zone<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"2120\" data-end=\"2357\">Glassnode\u2019s cost basis distribution data shows heavy investor positioning between $60,000 and $69,000. This zone was established during the consolidation phase in the first half of 2024, and most positions from that period remain intact.<\/p>\n<p data-start=\"2359\" data-end=\"2514\">This creates an important stabilization mechanism. Investors tend to avoid aggressive selling near their cost basis. That behavior slows downside momentum.<\/p>\n<p data-start=\"2516\" data-end=\"2702\">Recent price action confirms this structure. Selling pressure continues, but there is no uncontrolled breakdown. Instead, the market is transitioning into a sideways consolidation phase.<\/p>\n<h2 data-start=\"2704\" data-end=\"2762\"><span class=\"ez-toc-section\" id=\"Accumulation_exists_but_strong_buying_has_not_returned\"><\/span>Accumulation exists, but strong buying has not returned<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"2764\" data-end=\"2973\">The Accumulation Trend Score provides clearer insight into investor behavior. This metric had previously fallen below 0.1, reflecting strong distribution. Recent readings show a recovery to approximately 0.43.<\/p>\n<p data-start=\"2975\" data-end=\"3186\">This indicates that selling pressure has eased. However, strong accumulation phases typically begin when this metric rises above 0.8. Current levels suggest a neutral balance rather than aggressive accumulation.<\/p>\n<p data-start=\"3188\" data-end=\"3303\">In simple terms, investors have stopped selling aggressively. But they have not started buying aggressively either.<\/p>\n<p data-start=\"3305\" data-end=\"3373\">This explains why the market has not yet produced a strong recovery.<\/p>\n<p data-start=\"3305\" data-end=\"3373\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-64029\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/btc-heatmap-1024x576.jpg\" alt=\"\" width=\"1020\" height=\"574\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/btc-heatmap-1024x576.jpg 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/btc-heatmap-300x169.jpg 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/btc-heatmap-768x432.jpg 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/btc-heatmap-1536x864.jpg 1536w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/btc-heatmap-2048x1152.jpg 2048w\" sizes=\"auto, (max-width: 1020px) 100vw, 1020px\" \/><\/p>\n<h2 data-start=\"3375\" data-end=\"3419\"><span class=\"ez-toc-section\" id=\"ETF_outflows_increase_structural_pressure\"><\/span>ETF outflows increase structural pressure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"3421\" data-end=\"3609\">Institutional demand has also weakened. Net flows across spot Bitcoin ETFs have turned negative again. What previously acted as consistent structural support has shifted into net outflows.<\/p>\n<p data-start=\"3611\" data-end=\"3788\">Spot market data shows a similar pattern. The Cumulative Volume Delta indicator confirms that sell-side pressure remains dominant. This reflects limited organic buying strength.<\/p>\n<p data-start=\"3790\" data-end=\"3926\">In environments like this, price typically moves sideways rather than upward, as sustained demand is required to support a strong rally.<\/p>\n<p data-start=\"3790\" data-end=\"3926\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-64027\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/btc-etf-1024x576.jpg\" alt=\"\" width=\"1020\" height=\"574\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/btc-etf-1024x576.jpg 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/btc-etf-300x169.jpg 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/btc-etf-768x432.jpg 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/btc-etf-1536x864.jpg 1536w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/btc-etf-2048x1152.jpg 2048w\" sizes=\"auto, (max-width: 1020px) 100vw, 1020px\" \/><\/p>\n<h2 data-start=\"3928\" data-end=\"3964\"><span class=\"ez-toc-section\" id=\"Panic_fades_in_derivatives_market\"><\/span>Panic fades in derivatives market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"3966\" data-end=\"4173\">Options market data shows that volatility levels have declined, indicating that the panic phase has largely passed. The drop in implied volatility suggests that expectations of an immediate crash have eased.<\/p>\n<p data-start=\"4175\" data-end=\"4308\">However, this does not signal renewed bullish conviction. Funding rates and derivatives positioning still reflect cautious sentiment.<\/p>\n<p data-start=\"4310\" data-end=\"4388\">The market is no longer in panic mode. But confidence has not returned either.<\/p>\n<h2 data-start=\"4390\" data-end=\"4454\"><span class=\"ez-toc-section\" id=\"Bitcoin_is_searching_for_balance_as_direction_remains_unclear\"><\/span>Bitcoin is searching for balance as direction remains unclear<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"4456\" data-end=\"4664\">Taken together, Glassnode data shows Bitcoin is currently in a transition phase. The loss of the True Market Mean weakened structural positioning. ETF outflows and weak spot demand continue to limit recovery.<\/p>\n<p data-start=\"4666\" data-end=\"4804\">At the same time, selling pressure has not become disorderly. The $60,000\u2013$69,000 range continues to function as a key stabilization zone.<\/p>\n<p data-start=\"4806\" data-end=\"4972\">For a sustained recovery to develop, three conditions will likely be required: stronger spot demand, renewed ETF inflows, and clear accumulation from large investors.<\/p>\n<p data-start=\"4974\" data-end=\"5203\">Until those conditions emerge, Bitcoin is likely to continue moving within the defensive range defined between approximately $54,900 and $79,000, which remains the dominant structural framework according to current on-chain data.<\/p>\n<p data-start=\"4974\" data-end=\"5203\"><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/a>\u00a0channels for the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has fallen below the True Market Mean, entering a defensive range toward the Realized Price (~$54,900). Glassnode\u2019s latest on-chain data shows this breakdown is more than a short-term deviation. The market is no longer in a clear uptrend. Instead, it is trying to stabilize. Demand remains weak, ETF flows have turned negative, and there<\/p>\n","protected":false},"author":36,"featured_media":48000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[3286,28062,28061,19364,28060,28059],"class_list":["post-64026","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitcoin-analays","tag-cost-basis-breakdown","tag-etf-outflows-impact","tag-glassnode-analysis","tag-on-chain-market-data","tag-realized-price-level"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Is Bitcoin Under Pressure? 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