Bitcoin is trading in a tight $63,000-$68,700 range as market activity sinks to its lowest level since 2019, a combination Glassnode says reflects fading sell-side pressure but a continued absence of buyers. The firm's 30-day Seller Exhaustion Constant has fallen to its lowest reading since 2013, suggesting bear-market style selling may be nearing depletion, but Glassnode said the signal still falls short of a historically reliable bottom call. The caution comes as BTC futures open interest remains near $48 billion against roughly $25 billion in 24-hour trading volume, while spot volume at $12.55 billion and buy orders below the market have weakened, increasing the risk that a break of $58,500 could send Bitcoin toward $52,800. Analysts remain divided on where a durable floor lies: CryptoBusy said deeper washouts have occurred in past cycles, Michael Terpin expects a possible October low near $57,000, and some analysts see a bottom closer to $49,000-$53,000 because only two of Glassnode's 10 capitulation indicators have been triggered. A sustained accumulation phase, they say, likely requires clearer recovery in ETF inflows and spot trading volume.