Summary
- Bitcoin is showing signs of fading momentum as it faces repeated profit-taking pressure near $77,000.
- Falling spot trading volume and heavy selling pressure from short-term holders are reinforcing resistance at higher price levels.
- Analysts say Bitcoin will need stronger spot trading volume and fresh capital inflows to break above $80,000.
Forecast Trend Report by Period
Bitcoin is showing signs of fading momentum as repeated profit-taking emerges near $77,000.
Cointelegraph reported on May 30 that Bitcoin has made several attempts over the past week to break above $77,000, but each rally has met resistance. The token briefly climbed to $79,500 before gains were capped by selling from short-term investors.
On-chain data shows clear selling by short-term holders. Since April 15, about 150,000 BTC has moved to exchanges. More recently, 65,000 BTC, 54,600 BTC and 39,000 BTC flowed in across three consecutive waves, strengthening resistance at higher levels.
Market participation is also slowing. Spot trading volume has dropped to levels seen near the end of the 2023 bear market. Binance recorded a decline of about $25 billion in volume, while Gate.io and OKX saw decreases of about $13 billion and $6 billion, respectively.
That suggests new buying demand remains weak at current prices. Analyst Darkfost said lower volume points to waning interest in the short term, though it may also indicate a zone where new opportunities are forming.
The derivatives market has also shown little sign of expansion. Open interest fell from about 300,000 BTC to roughly 292,000 BTC, and about 8,000 to 9,000 BTC of leverage has exited the market over the past 10 days.
Analysts say Bitcoin will need stronger spot trading volume and fresh capital inflows to break above $80,000.
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE
