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Glassnode: Bitcoin Faces Resistance at $94,000, Derivatives and On-Chain Signals Show Caution
Summary: According to Glassnode, Bitcoin faced resistance at $94,000 and subsequently dropped to $87,000, with weakening upward momentum due to increased selling pressure and reduced liquidity. Futures open interest slightly decreased, indicating a moderate risk aversion sentiment in the market rather than capitulation selling; perpetual contract CVD broke below the lower limit, reflecting strong selling pressure. ...
According to Glassnode, Bitcoin faced resistance at $94,000 and subsequently dropped to $87,000, with weakening upward momentum due to increased selling pressure and reduced liquidity. Futures open interest slightly decreased, indicating a moderate risk aversion sentiment in the market rather than capitulation selling; perpetual contract CVD broke below the lower limit, reflecting strong selling pressure. Meanwhile, the number of active addresses slightly decreased, but the adjusted on-chain transfer volume exceeded the upper limit, indicating active fund flows. At the same time, fee pressure decreased, suggesting a weakening demand for block space. ETF fund flows partially offset the impact of Bitcoin price decline, but the MVRV of ETF slightly fell, indicating weak profit indicators. The market is currently in a consolidation phase, with some indicators showing potential trading activity and institutional interest picking up, but market confidence remains uneven, making it susceptible to further decline or prolonged range-bound trading until demand strengthens.
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Link: Glassnode: Bitcoin Faces Resistance at $94,000, Derivatives and On-Chain Signals Show Caution [Copy]
