Sellers exhausted at second low during Bitcoin’s pullback to $77,000

Bitcoin's pullback to $77,000 (~₩102.64 million) triggered the second seller-exhaustion signal of this cycle, according to analyst Murphy, who flagged the reading on the 2nd, with BlockBeats reporting the indicator value came in higher than August's low. The seller-exhaustion metric, which combines low price volatility with a high volume of bitcoin held at a loss, first flashed this cycle on August 11, per Murphy. The signal matters because it historically marks points where downside selling pressure may be waning, distinct from measures that track volatility or loss-making supply alone. Glassnode's methodology confirms the signal requires both conditions to coincide. Watch for whether bitcoin's volatility and loss-making supply continue to normalize, which would confirm the exhaustion signal, or whether renewed selling pushes prices toward the August low.