According to CoinMeta, based on Glassnode data, the Bitcoin market is currently in a state of significant contraction, with buyers being absent and transaction activity having dropped to its lowest level since 2019. If BTC falls below $58,500, the next support level could be around $52,800. Cryptobusy indicates that sellers are nearing exhaustion at the bottom of a bear market, but Bitcoin still needs to release that selling pressure. Analyst Michael Terpin expects Bitcoin to hit bottom around $57,000 in October, while some analysts believe that the potential bottom range is between $49,000 and $53,000. Glassnode warns leveraged traders about betting on a market recovery, but current data does not yet support such expectations.