"Bitcoin remains in a $80,000–$95,000 box range…Volatility caution amid momentum recovery"

Bitcoin (BTC) entered a phase of gradual stabilization within a box range after a correction in the fourth quarter of last year, according to analysis. However, structural demand recovery is limited, so short-term volatility expansion is also possible.

On the 6th, on-chain data analytics company Glassnode said on X (formerly Twitter), "Bitcoin is currently attempting to stabilize in the $80,000–$95,000 range, and momentum recovery and easing selling pressure are appearing simultaneously," but added, "the options market is reflecting the possibility of increased short-term volatility."

According to Glassnode, selling pressure in the spot market has eased and trading volume has slightly increased. This is interpreted as an improvement in liquidity without excessive speculative demand. In the derivatives market, open interest has risen gradually without extreme position concentration, and perpetual futures have again shown a net buying bias.

Conversely, the options market saw a reduction in open interest alongside heightened volatility expectations. Glassnode analyzed this as a signal that short-term price volatility could widen.

US spot Bitcoin ETF fund flows have turned to net inflows, showing signs of institutional demand recovery, but realized capital increases on-chain remain sluggish, leaving structural buying limited. A high proportion of short-term holders was also cited as a factor that increases price sensitivity.

Market participants say that since Bitcoin has passed the adjustment phase and entered a vulnerable sideways stage, attention is needed to both further upside attempts and short-term profit-taking pressure.