Glassnode: BTC, ETH Recent Selling Pressure Showing Decreasing Trend, $65k to $71k Range is the Line in the Sand for Bulls

BlockBeats News, April 9th, Glassnode stated in its latest report that the U.S. tariff announcement has significantly impacted major financial markets, with several markets hitting their lowest trading volumes since March 2020. Inflows into mainstream digital assets have stalled, leading to a significant liquidity crunch and strong headwinds.

However, it is worth noting that the sell-off volume during each price dip of Bitcoin and Ethereum is showing a decreasing trend, perhaps indicating that the short-term selling pressure is nearing exhaustion. This round of digital asset sell-off has exhibited a general decline, with the total market capitalization of altcoins shrinking from $1 trillion in December 2024 to the current $583 billion.

Resonance analysis of on-chain data and technical models shows that $93,000 is a key psychological level—Bitcoin must reclaim this price level to rebuild upward momentum. On the downside, the $65,000 to $71,000 range remains a crucial support level that the bulls must defend.