Bitcoin fell below $75k after the latest CPI release, while its daily trading volume dropped to a record low of 126k BTC in 2026. Glassnode data shows the largest liquidity cluster sitting around $60k.
The most recent CPI release pushed BTC down below $75k in a strong risk-off move. Bitcoin is still only 4% from its November open, but the risk of further downside is increasing.
Technically, $75k is a cost basis for short-term holders, so it could form a significant supply zone where investors look to sell close to breakeven.
A $60k liquidity cluster sits below
A recent Glassnode report adds another layer. The largest Bitcoin liquidity cluster is concentrated around $60k, mostly longs opened at the bottom of the market that BTC has not re-tested since it rallied from around $65k in August.
That zone is around 20% away from $75k.
Stablecoin supply and trading volume shrink
The stablecoin market lost $14.5 billion in 30 days, its quickest drop in supply since 2022. According to Glassnode, holders swapped their stablecoins back into dollars and took funds out of crypto. Tether alone accounted for $8.4 billion of the decline.
As a result, Bitcoin's daily trading volume dropped to a record low of 126k BTC in 2026, down from around 453k BTC in 2022. That is a decline of around 72% in spot trading volume. Glassnode says a return to supply growth would be the first sign that new money is coming in.
What a break below $75k could trigger
If there is not enough buy-side liquidity to absorb the sell-side liquidity around $75k, BTC could face a deeper correction as long liquidations accelerate.
According to Glassnode analysts, a move to $60k could result in large amounts of long-term liquidation, which could create an accumulation opportunity for patient accumulators.
Source: AMBCrypto
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