Bitcoin (BTC) losing upside momentum…more range-bound consolidation than a trend breakdown
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Summary
- Glassnode said Bitcoin has pulled back to the low-$90,000s, but the move is closer to range-bound consolidation than a trend reversal.
- Spot-market volumes have recovered slightly and selling pressure is easing, but aggressive new buying remains limited, it said.
- With a slight rise in futures open interest (OI), a drop in funding rates, and signs of US spot Bitcoin ETF flows turning to net inflows, it added that the next direction will depend on whether demand recovers.
On the 19th (local time), on-chain analytics firm Glassnode assessed that while Bitcoin (BTC) retreated from its recent peak of $98,000 and was pushed back to the low-$90,000s early this week, the move looks closer to range-bound consolidation than a trend reversal.
In its weekly market report, Glassnode said, "Bitcoin’s upside momentum has weakened somewhat but remains above neutral," adding that "the current weakness is best interpreted as a pullback within a sideways range rather than a structural breakdown."
In the spot market, volumes have recovered slightly and selling pressure appears to be gradually easing. However, it noted that aggressive fresh buying remains limited, leaving demand uneven.
In derivatives, futures open interest (OI) edged up, but funding rates declined, pointing to mixed investor sentiment. This is interpreted as some inflows into leveraged positions, but without strong directional bets.
Meanwhile, US spot Bitcoin ETFs have shown signs of turning back to net inflows, and overall on-chain activity remains relatively stable.
Glassnode added, "Bitcoin is still stuck in a range-bound sideways phase, but the market structure itself is gradually improving," and said that "a clear direction going forward will depend on whether demand recovers."
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