On-chain data says Bitcoin price at $60k is cheap, but buyers are still nervous

Bitcoin has endured another painful week, dropping below the psychologically significant $60,000 mark to settle at $59,537. This represents nearly an $18,000 decline from its late-May peak of $77,623, signaling a serious correction in the leading cryptocurrency. Analytics platform Glassnode characterized the current situation as a "demand failure," pointing to systemic weakness among buyers in the market.

According to Glassnode data, spot markets are the primary source of selling pressure, which differs from previous corrections when derivatives and leveraged position liquidations drove most declines. Simultaneously, Bitcoin ETF investors have shown a persistent trend of capital withdrawal over six consecutive weeks — the longest outflow streak since the launch of spot ETFs in the United States. This indicates a shift in sentiment among institutional investors who were considered the main growth driver just months ago.

The paradox of the current situation lies in the fact that on-chain metrics indicate fundamental undervaluation of Bitcoin at the $60,000 level. Indicators such as the market cap to realized value ratio (MVRV), long-term holder activity, and unrealized profit levels have historically signaled accumulation zones at current price levels. However, the traditional "buy the dip" logic isn't working due to the macroeconomic backdrop.

The main factor restraining buyers remains uncertainty in global economic policy. Inflationary expectations in the US, unpredictable Federal Reserve rhetoric regarding interest rates, and geopolitical tensions create a toxic environment for risk assets. Bitcoin, despite its reputation as "digital gold," still behaves as a typical risk asset, correlating with technology stocks and reacting to changes in monetary policy.

Additional pressure comes from technical analysis. Breaking through the $60,000 level, which held for several weeks as critical support, opens the path to testing subsequent zones — $57,000 and potentially $54,000. Traders using technical analysis interpret the current movement as forming a "lower high" in the medium-term trend, reinforcing pessimistic sentiment.

At the same time, experienced market participants remind about the cyclical nature of cryptocurrency markets. The greatest accumulation opportunities have historically emerged during periods of maximum pessimism when on-chain data contradicted current sentiment. Whale wallets show signs of accumulation at current levels, although volumes are not yet significant enough to reverse the trend.

For investors, the current situation demands a balanced approach. Aggressive buying on dips without clear reversal signals could lead to premature entry and additional losses if Bitcoin tests lower levels. A reasonable strategy appears to be gradual accumulation in small portions in the $57,000–$60,000 range with mandatory stop-loss below $54,000. Long-term holders should maintain positions since fundamental factors — limited supply, growing adoption, and institutional interest — remain unchanged despite short-term turbulence. The key reversal signal will be renewed capital inflows into ETFs and stabilization of spot trading volumes above current minimums.