Crypto Analytics platform Glassnode says that the Bitcoin (BTC) market has introduced a “cooling phase” after the price of the Digital Activum flagship could not consolidate above the level of $ 111,000.
According to For Glassnode, the market witnesses “soothing retail participation and a retreat of aggressive buy” in the midst of the spotcumulative volume Delta (CVD), a technical indicator that becomes Bearish.
The Spot CVD is used to determine the purchase and sales pressure on the spot market in real time, with an increase that a bullish sentiment indicates, while a fall a bearish sentiment suggests.
Glassnode explains,
“Spot market signals weakened across the board, the momentum fell back in the direction of neutral, Spot CVD became sharp negative and the volume dropped under the statistical low tire …
… The sharp reversal in eternal CVD suggests that traders can reduce the risk in the short term. “
Although there was a strong increase in inflow to recognize Bitcoin exchange-bound funds (ETFs), Glassnode says that there was a modest organic on-chain activity, as evidenced by falling reimbursements, no growth in active addresses and only a moderate transfer volume.
“ETF streams increased sharply, and confirmed the institutional question, although the trade volume decreased, which showed more passive accumulation than active trade.”
According to Glassnode, almost 97% of the Bitcoin offer is currently with profit, and this is a risk of a sale if the demand for the crypto king is modest.
“Without renewed question from both retail and institutional investors, the current cooling momentum can last.”
Bitcoin is traded at $ 104,457 at the time of writing, with around 7% compared to the high price of all times of $ 111,800.
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