Bitcoin Is Near Overbought Levels – But Glassnode Warns That The Rally Has A Trust Problem

• The report showed that Bitcoin’s spot trading volume fell more than 20% over the past week, while aggressive sellers began outnumbering aggressive buyers despite higher prices.
• Bitcoin’s price was struggling to hold onto $63,000 on Monday morning, with retail sentiment on Stocktwits turning 'bearish' from ‘bullish’ territory in a week.
• More than $250 million in leveraged crypto positions were liquidated over the past day, with long positions accounting for most of the losses.

Bitcoin (BTC) may have rallied since July, after hitting an over-7-month low below $58,000, but the underlying data suggests the rally is running on thin ice, according to Glassnode.

In its Weekly Market Pulse report, the analytics firm noted that Bitcoin's 14-day Relative Strength Index (RSI) jumped from 50.8 to 66.9, a 31.8% weekly rise that has pushed the asset into overbought territory. However, spot trading volume contracted by 21.5%, falling from $5.2 billion to $4.1 billion. 

Spot cumulative volume delta, a measure of net aggressive buying versus selling, flipped from positive $17.2 million to negative $58.8 million, meaning aggressive sellers now outnumber aggressive buyers even as the price climbs. 

"The advance has been driven by relatively thin liquidity rather than broad-based buying conviction.”
– Weekly Market Pulse (Monday, 13 July 2026), Glassnode

Crypto Sentiment Weakens Alongside Prices

Bitcoin’s price fell 1.4% over the last 24 hours, struggling to stay above $63,000. On Stocktwits, retail sentiment around the apex cryptocurrency dropped to ‘bearish’ from ‘neutral’ territory over the past day, and down from trending in the ‘bullish’ zone last week. Chatter also dipped over the past week, to ‘low’ from ‘normal’ levels.

The overall cryptocurrency market was down 1.1% in the last 24 hours, trading at around $2.24 trillion. Ripple’s XRP (XRP) led losses among the top 10 cryptocurrencies by market capitalization. XRP’s price fell 1.5% in the last 24 hours to around $1.08. 

Retail sentiment around the altcoin on Stocktwits tumbles to ‘bearish’ from ‘extremely bullish’ territory over the past day, and chatter dropped to ‘normal’ from ‘high’ levels.

Solana (SOL), Binance Coin (BNB), Dogecoin (DOGE), and Ethereum (ETH) outperformed Bitcoin, sliding by less than 1% in the last 24 hours. Solana’s price edged down 0.2% to around $76.33, while BNB’s price fell 0.8% to $569 and Dogecoin’s price tumbled 0.9% to $0.072.

Retail Traders Dial Back Optimism

Leading altcoin Ethereum’s price also fell 0.9% in the last 24 hours to around $1,782. It was among the top trending cryptocurrency tickers on Stockwits at the time of writing. Retail sentiment around ETH on the platform remained in the ‘bullish’ zone over the past day, but chatter cooled to ‘normal’ from ‘high’ levels. 

One retail trader on the platform suggested that Ethereum’s price could fall to $1,500 if it breaks below $1,700.

Others said they were waiting for the altcoin to break above the $1,800 resistance that was tested over the weekend.

“As long as Ethereum holds above $1,750, I think a rally towards $2,000 could happen,” wrote crypto analyst Ted Pillow in a post on Twitter, noting that Ethereum’s price staying above the $1,700 mark is likely a “good sign.”

The overall cryptocurrency market saw over $250 million in crypto bets liquidated over the past 24 hours, with long positions accounting for the majority at nearly $200 million. Retail traders will be watching to see whether the Bitcoin Treasury company Strategy (MSTR) announces accumulation of BTC or a sale after offloading over 3,500 BTC last week. 

Cryptocurrency investors will also be watching inflation numbers, with the Consumer Price Index (CPI) and the Producer Price Index (PPI) data slated for release later this week. Meanwhile, the CLARITY Act, which has been caught in a stalemate since January, is expected to be tabled for discussion as the Senate resumes from recess this week.

Read also: Bitcoin-MSTR Panic Is ‘Mostly Noise’ – BTC A ‘Screaming Buy’ At $64K, Says Standard Chartered

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