Bitcoin Market Pulse Shows Consolidation After Rally Toward $80K

• Glassnode said Bitcoin entered a choppier phase after a sharp rally into the $80K region.
• Price momentum fell 3.5%, while net buying pressure dropped 28.6% in Glassnode’s Week 19 report.
• U.S.-listed Bitcoin ETFs recorded $783.4 million in net outflows as trading volume fell 13.45%.

Bitcoin has shifted into a choppier market phase after its rally toward the $80K region lost strength, according to Glassnode’s Week 19 Market Pulse. Recent price action was a rapid rejection of local highs, followed by a pullback to the mid-range of the $78K range, as overhead supply acted against momentum. 

CryptoQuant also paid attention to Bitcoin’s cost-basis structure, with $81,500 serving as the level traders continue to watch. A confirmed daily close above $81K could turn that area into support and open the $87K–$92K zone, while failure could bring the $76K realized price area back into focus.

Glassnode Flags Slower Momentum

Glassnode said overhead supply has started to cap Bitcoin’s near-term move. Its report showed price momentum falling 3.5%, while net buying pressure dropped 28.6% and trading activity declined 13.3%, pointing to weaker participation after the rally.

In the meantime, Glassnode indicated that this structure can be used to signal consolidation since traders will re-evaluate Bitcoin in the wake of the rejection of Bitcoin near local highs.

Futures data indicated a layer of activity that was more balanced. Open interest rose 3.0%, showing stronger speculative positioning, while less negative long-side funding payments suggested that demand for short positions moderated as sentiment stabilized.

However, perpetual CVD moved from $120.5 million to minus $101.4 million. That swing showed stronger sell-side pressure and reflected weaker bullish momentum during Bitcoin’s pullback from the upper range.

ETF Outflows Weigh on Demand

Traditional finance indicators gave Bitcoin a mixed signal. Glassnode said US spot ETF MVRV pointed to possible profit-taking, while spot Bitcoin ETFs recorded $783.4 million in net outflows during the latest period.

Trading volume across those ETF products also dropped 13.45%. The decline showed softer institutional demand after earlier inflow periods, while Bitcoin’s price stayed below the level needed to restore stronger upside momentum.

The number of addresses that are active daily increased 6.4%, showing that user engagement improved, even as entity-adjusted transfer volume fell 7.4%, indicating a decline in large-scale transactions.

Notably, liquidity and positioning indicators were not very volatile. According to Glassnode, the slight increase in hot capital share and neutral realized cap flows was accompanied by a decline in the supply of short-term holders, which was an indication of greater conviction among those who remained.

Cost Basis Keeps $81.5K in View

CryptoQuant’s X post called the current setup Bitcoin’s “cost basis moment” and cited the $81,500 line as the level that could decide what comes next. The post quoted Crazzyblockk, who said, “A confirmed daily close above 81K flips that level from resistance to support, opening the path toward $87–92K. Failure sends the price back to test new money, a realized price near 76K.”

The age-band-realized price charts showed Bitcoin near key holder cost-basis levels after the recent pullback. These levels can act as resistance when recent buyers hold losses, and they can turn into support when the price closes above them.

Meanwhile, Glassnode’s profitability metrics showed modest improvement. NUPL ticked higher, and realized profit-to-loss ratios rose, suggesting that bearish pressure has eased even as the price remains inside a consolidation zone.

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