O BTC está preso na faixa dos 84 000-91 000 dólares, com 7 milhões de moedas em situação de prejuízo não realizado.

【BlockBeats】Recent BTC movements have been somewhat subtle—while it has indeed rebounded from the lows, calling it healthy would be a stretch. The price is currently stuck in the 84.000 a 91.000 dólares range, and what’s even more awkward is that the S&P 500 is about to hit a new high, making Bitcoin appear particularly weak by comparison, with its correlation to traditional risk assets also growing increasingly weaker.

On-chain data further illustrates the issue: more than 7 milhões de BTC are currently in a floating loss, a scenario reminiscent of the consolidation period in early 2022. The market just can’t climb back to the “real market mean” line, which is actually quite crucial, as it helps determine whether we are in a mid-cycle adjustment or sliding towards a full bear market.

However, it’s not all bad news. Although capital inflows aren’t abundant, at least they’re still positive, which just about manages to prevent further declines. The main issue lies with spot demand: in the US, Bitcoin ETFs continue to see outflows, active buying has clearly shrunk, and the cumulative transaction volume differences on major exchanges have all turned negative—this indicates that traders are selling at every high, with no intention to accumulate coins.

The overall feeling is that the market is in an awkward position: neither up nor down, with strong wait-and-see sentiment, waiting for a clear directional signal.