Fading Spot Volumes And Muted Futures Sentiment Threaten To Send Bitcoin Below $99,000 Again
Bitcoin's price fluctuated between $100,000 and $110,000 after dipping below $99,000, reaching $106,000. On-chain data from Glassnode indicates signs of fatigue in both spot and futures markets, raising concerns about a potential retest of the $99,000 level. Strong accumulation between $93,000 and $100,000 has provided support, but market volume is declining, with a 32% drop in the 7-day moving average of on-chain transfer volume. Spot trading volume is currently at $7.7 billion, significantly lower than previous rallies. The futures market also shows cooling sentiment, with open interest falling by 7% and declining funding rates. Without renewed demand, the risk of Bitcoin breaking below $99,000 increases. Currently, Bitcoin is trading at $107,100.
