Data: Bitcoin has entered a state of deep overselling, and the market may form an early bottom structure

glassnode released a weekly market analysis report stating that although the current Bitcoin trend remains clearly downward, the recent defense of the $80,000 mid-range indicates that if selling pressure continues to weaken, there may be signs of price stabilization.

The spot market is quiet, with weak trading volume and continuous outflows of ETF funds, indicating that the market is transitioning from an aggressive selling phase to a more orderly de-risking phase. The options market remains defensive, with a high skew and narrowing volatility spreads, suggesting that the market expects continued volatility in the future, but panic sentiment has eased. On-chain activity remains sluggish. Transfer volume, fee income, and realized capital changes have all slowed down, indicating that network operations are relatively calm.

Profitability indicators have further deteriorated: unrealized losses and realized gains reflect deepening unrealized losses and an increase in the concentration of supply among short-term holders, a pattern consistent with later adjustments. In summary, Bitcoin continues to decline within a controllable range and has now entered a state of deep overselling and high pressure.

Although profitability remains under pressure, the slowdown in capital outflows, stabilization of momentum, and insufficient accumulation of speculative leverage suggest that the market may be forming an early bottom structure within the $84,000 to $90,000 range.