Bitcoin (BTC) May Have a Sudden Pullback, Glassnode Warns

Co-founders of blockchain analysis platform Glassnode are warning that Bitcoin (BTC) may experience a sudden pullback despite continuing to hold a critical range as support.

Jan Happel and Yann Alleman, who share the social media handle Negentropic, highlighted the low trading volume, which suggests that if Bitcoin fails to maintain $91,500 as support, there is a risk of a rapid correction exceeding 7% of its current value.

Moreover, the analysts are keeping a close eye on the latest US job data, which was released on Friday morning and could potentially introduce market volatility.

“Bitcoin is holding support at $91,500-$92,500 but lacks volume and strength – could this be a pullback before testing $86,500-$90,000? All eyes on US employment data! Will it fuel a breakout above $95,500 toward $97,200-$98,500, or will BTC fall back to support?”

The analysts also mentioned another bearish factor for Bitcoin, which relates to concerns about the market impact of the US government potentially selling a large quantity of Bitcoin that was seized from the Silk Road darknet marketplace.

“Price momentum turns bearish as Bitcoin retests $92,500. With fear, uncertainty and doubt over the US government’s 198,000 BTC and potential sales, could we see a break below and a move to $90,000? Historically, a bearish flip after prolonged bullishness signals corrections to lower support. $90,000 is the key zone to watch!”

On the other hand, the analysts pointed out several key metrics that indicate bullishness for Bitcoin in the upcoming months.

One metric highlights a decreasing amount of BTC on crypto exchanges, which suggests that buyers are withdrawing Bitcoin to cold storage, indicating HODL intentions for the medium term.

“BTC exchange balances reveal bullish sentiment. After a year-end rise in BTC moving to exchanges (likely for selling or collateral), the trend has reversed in 2025. Significant outflows from exchanges (e.g., Binance) suggest buyers are withdrawing BTC to cold storage, signaling HODL intentions for the medium term.”

Another metric analyzed by the analysts indicates that a smaller proportion of short-term holders are experiencing losses on their investments during the current market correction compared to previous corrections, suggesting a more bullish outlook.

“Tracking short-term holder behavior: many retail participants moved BTC to exchanges at a loss during corrections, likely to sell – but not as intensely as in past drops. Short-term holders are growing bolder, showing more patience to sell in profit. Bullish sentiment rising!”

At the time of writing, Bitcoin is trading at $93,490.