Bitcoin is Looking for Direction: Glassnode Report Reveals Market Uncertainty

Bitcoin has been moving within a narrow range around 100,000 dollars in recent days. According to a report by Glassnode analysts, this situation makes it difficult for the price to find direction due to the cautious attitude of investors. Bitcoin has recently been trapped in the range of 97,000 – 111,900 dollars. The price is trying to hold thanks to the support of the buying zone at 100,000 dollars; however, the selling pressure concentrated above 106,000 dollars limits potential upward movements.

Recent data shows that the increase in ETF outflows, the weakening of leverage usage in derivative markets, and the surge in put demand in the options market indicate that investors are still hesitant to take on risk. At this point, the Bitcoin price has been trading in a downward trend since October. Since the short-term investor cost base of 111,900 dollars has not yet been regained, there has been no strong trend reversal signal in the medium term.

On the other hand, the accumulation movements starting again at the 100,000 dollars level could form the basis for a short-term recovery. However, the supply concentrated in the 106,000 – 118,000 dollars band continues to hinder the market with each rise. Weak institutional demand on the ETF side and low funding rates in futures trading draw attention. The establishment of protective positions by investors at the 100,000 dollars level indicates that the market is struggling to generate strong momentum during upward trends.

Glassnode data indicates that Bitcoin is consolidating in a balanced range due to a lack of macro catalysts and the cautious stance of investors. The 100,000 dollars psychological level is critically important, and if the price makes a sustained closure below this level, it is predicted that volatility may increase. The uncertainty in Bitcoin brings various dynamics that investors should carefully monitor.