Bitcoin may be vulnerable to further downside if it breaks below the $58,500 support level, Glassnode said in a report cited by Wu Blockchain, as weak spot demand and the lowest spot trading volume since 2019 point to fragile market conditions. The analytics firm said Bitcoin is trading between the median realized price of $63,000 and the short-term holder cost basis of $68,700, a range that suggests many recent buyers are underwater and could add to selling pressure if prices fall further. Glassnode also said signs of seller exhaustion are approaching levels seen near past bear-market bottoms, but that signal is being offset by limited net inflows into Bitcoin ETFs and continued net inflows of BTC to exchanges, which can indicate investors are preparing to sell. With buying interest thin and leveraged positions crowded, the firm said a break below the June low of $58,500 could accelerate losses, while any rebound may remain fragile unless spot demand improves. The report said investors should watch on-chain metrics and ETF flows for signs that momentum is shifting.