Glassnode: Bitcoin Enters Early Q3 Recovery

Glassnode and Coinbase Institutional note Bitcoin entered an early recovery phase in Q3 despite the Fed resuming tightening cycles, though on-chain metrics lean lower and point to consolidation rather than reversal.

Price at $81486.42 trades below both the EMA50 at $82971.06 and EMA200 at $82238.87, locking in a bearish structure while the MACD death cross at -518.63 confirms momentum loss; the neutral RSI at 40.92 leaves room for further downside before any bounce, with the lower Bollinger band at $80644.87 now acting as immediate support and the upper band at $84572.84 capping near-term upside.