Bitcoin sellers are slowing down, but Glassnode says the bottom is not confirmed yet. Here is what the futures data and the $65K resistance test show.
Bitcoin sellers look tired. Price has climbed off the $63,238 low, printed a run of higher lows, and pushed back above the $64,000 to $64,200 area.
For now, $65,000 is the level bulls need to reclaim. The problem is what sits behind the move. Futures are carrying it, spot buyers have not shown up, and leveraged longs are still moving for the exit.
Bitcoin's next resistance is from $64,500 to $65,000. Above that sits the recent swing high at $65,474, which turns $65,450 to $65,500 into the next obstacle. On the way down, support sits at $63,900, then $63,600, and the $63,238 low.
Looking at the indicators, the short-term relative strength index (RSI) sits near 72.7, with the longer readings at 60.5 and 51.9. Anything above 70 is stretched, so a quick pullback is highly possible.
Glassnode adds to this possibility with its recent analysis. The analysis stated that its Seller Exhaustion Constant (30d) shows sellers getting tired. However, Glassnode mentioned that these are not at the levels seen in past bear markets. Glassnode also wrote on X that the historical bottoming signature has not been confirmed yet.
Ki Young Ju, CEO of CryptoQuant, wrote on X that Bitcoin is futures-driven right now. Open interest, the total value of derivatives contracts still open, keeps rising. On-chain spot demand stays net negative.
That matters because a strong rally needs support from both markets. Ki pointed to April as the template: futures-led rallies faded once spot support failed to arrive.
For anyone watching this bounce, spot flows may be more important than the price candles. Without a real spot bid, a push through $65,000 is highly unlikely.
Analyst Ardi wrote on X that longs are now leaving the market quickly. Cumulative long and short delta has fallen almost 50%, from over $400 million to $226 million, and open interest has dropped alongside it.
The flush may not be finished. Ardi noted the market is still net long, so more long exposure could come out. The chart agrees. Open interest has recovered from its recent drop, but it has flattened during the latest push higher.
CryptoQuant's latest report tracks a swing in how Bitcoin trades against gold. The 90-day correlation has rebounded from nearly -0.9 in early 2026 to around +0.7. Ki called that a return to "digital-gold-era levels."
That shift makes sense if investors are once again treating Bitcoin as a hedge against currency debasement, fiscal stress, and geopolitical risk. Spot exchange-traded funds (ETFs) help here. They make it simple for institutions to hold Bitcoin and gold inside the same portfolio framework.
However, a positive correlation is not automatically bullish, since both assets can fall together. The 90-day window can also jump as older inverse readings drop out of the calculation. CryptoQuant says it is too early to call BTC a true safe haven.
Bitcoin needs to hold $64,000 to $64,200 and push through $64,500 for that to happen. If Bitcoin manages to break above $65,000, then BTC could probably hit $65,450 and $65,500.
What bulls really need to see is a one-hour close above $65,000, followed by that level turning into support. A rejection at $64,500 to $65,000 could push BTC back to $63,900.
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