Odaily Planet Daily reports that Glassnode, in its latest weekly report, points out that Bitcoin remains consolidating near several on-chain significant price levels, with the market in a delicate balance between holder confidence and marginal demand. The report shows that short-term holder sentiment remains weak, with the current price compression zone’s lower boundary (-1 standard deviation) at approximately $83,400, which constitutes a key recent support level. If broken, the price could further retest the real market mean around $80,700.
Glassnode also states that overall capital flows have stabilized, ETF selling pressure has eased, and spot market positions have shown initial improvement, especially in offshore markets, indicating that buyer interest is gradually recovering. In derivatives, funding rates remain neutral, leverage levels are low, and prices are less affected by speculative factors. However, options market positioning remains cautious, with skew turning bearish, short-term protection costs rising, and traders’ gamma falling below zero, implying that during increased volatility, prices could experience more dramatic swings.
The report believes that the key to future trends lies in whether spot and ETF demand can continue to rebound. If capital continues to flow in and is accompanied by stronger spot buying, prices are expected to stabilize and continue upward; conversely, if downside hedging demand continues to rise, the market may remain volatile or even face deeper corrections.
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