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Bitcoin returned to his famous price range during the week after a dip brought last weekend Price up to just under $ 99,000. This was followed by a bouncing to the price level of $ 106,000, which Bulls gave a reason to remain hopeful.
However, data on chains shows that there are some deeper cracks forms under the surface. The newest Data about chains from Analytics firm Glassnode shows growing signs of fatigue on both spot and futures markets. These are conditions that can again ensure that Bitcoin price has to test $ 99,000 again.
Price support applies, but the momentum clearly fades
Bitcoin has continued Multiple price fluctuations in recent days, But it has found its way to the narrow $ 100,000 to $ 110,000 tire that has defined the market structure since the beginning of May. Data to chains from Glassnode show that strong accumulation between $ 93,000 and $ 100,000, which is visible on the cumulative volume Delta (CBD) Heatmap, has so far served as a buffer zone that helped Bitcoin’s prices during the Most recent geopolitical volatility. However, the market volume indicates that this structural support can soon be confronted with extra pressure.
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According to the last weekly report from Glassnode, profitability and involvement of investors Surrounding bitcoin cools quickly. In particular, a third major wave of making winning ensures, which means that the 30-day realized profit average is finished and the activity on the chains has decreased considerably. The 7-day advancing average of the transfer volume on the chain has fallen by around 32%, from a peak of $ 76 billion in the end of May to $ 52 billion during the recent weekend. The current spot volume trade, which is now only $ 7.7 billion, is far below the volumes that are seen during earlier rallies.
The lack of highly buying enthusiasm on the spot shows that bullish sentiment has been replaced by caution. As such, the risk of a breakdown grows under $ 99,000 unless another wave of demand comes in again.
Futures -markt also cools down
The delay in sentiment is Not limited to the spot market. Although Bitcoin is interested in derivatives fairs, there are clear signs that Futures is decreasing sentiment. Open interest rate fell by 7%on weekends, from 360,000 BTC to 334,000 BTC, and the financing percentages have fallen steadily since Bitcoin got high on his Q1 2025 of all time.
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Futures market participants had been very active through Bitcoin’s climb to $ 111,800 in May, but their conviction now seems to fade. A further indication of a growing restraint to covering long positions is the sharp fall in both the annual financing percentage and the rolling basis of 3 months.
Without a stronger directional conviction, the Futures markets may not offer the advantage to push Bitcoin to new highlights. Instead, this situation can contribute to extra downward pressure.
So far, Bitcoin has the $ 93,000 to $ 100,000 support zone, which was heavily collected during the top formation of Q1 2025. With low spot volumes, however, activities at the chain slows down and fading futures sentiment, this support can be re-tested. If market participants start to sell with a cost basis in this zone, the resulting pressure Bitcoin could drag back below $ 99,000 Next week.
At the time of writing, Bitcoin acts at $ 107,100.
Featured image of Pixabay, graph of TradingView.com