According to Glassnode’s on-chain analyses, liquidity in weak zones, BTC ETF outflows, and elevated realization of losses are keeping Bitcoin in a range with limited conviction. The volume in direct buy orders on Spot remains muted. With insufficient liquidity to absorb the sell-side supply, any upward move lacks lasting momentum.
Much of the activity on the network comes from investors selling their coins below their entry price. This ongoing loss-taking creates selling pressure that stalls attempts to recover. The market isn’t necessarily in a phase of widespread capitulation or extreme panic, but it is in a defensive zone characterized by low volatility. Without a clear inflow of fresh capital or a significant rebound in accumulation by large entities, the price tends to stay trapped in a range without a defined trend.
Much of the activity on the network comes from investors selling their coins below their entry price. This ongoing loss-taking creates selling pressure that stalls attempts to recover. The market isn’t necessarily in a phase of widespread capitulation or extreme panic, but it is in a defensive zone characterized by low volatility. Without a clear inflow of fresh capital or a significant rebound in accumulation by large entities, the price tends to stay trapped in a range without a defined trend.