Glassnode: Bitcoin Selling Pressure Continues to Ease, Fed Decision May Trigger the Next Rally

Odaily reports that Glassnode's latest report indicates Bitcoin's one-month realized volatility has dropped to approximately 25%, falling back to summer 2023 levels; since August, the realized losses triggered by each round of decline have continued to narrow, suggesting that selling pressure has eased somewhat. Glassnode believes that Bitcoin is currently in a range-bound state characterized by weak demand and limited selling pressure, with the market focused on the Federal Reserve's interest rate decision on October 28. If the daily close reclaims the $85,000 level, it could serve as an initial signal for a further rebound; if it breaks below the active investors' average cost of approximately $77,900, attention should be paid to short-term holder cost support near $75,800.

Market data shows that Bitcoin has fallen back below the $84,000–$85,000 range, which has capped price gains four times this year. Inflows into U.S. spot Bitcoin ETFs have cooled notably, with net inflows of only about $67 million over the past two weeks; major buy-order support on Binance's spot order book has also shifted down to the $78,000–$79,000 range, amounting to approximately $42 million.