Bitcoin is Seeking 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 stance of investors. Bitcoin has recently been trapped in a range of 97,000 – 111,900 dollars. The price is trying to hold on thanks to the support of the buying zone at the 100,000 dollar level; however, the intense selling pressure above 106,000 dollars limits potential upward movements.

According to recent data, the increase in ETF outflows, the weakening of leverage usage in derivative markets, and the demand for puts on the options side indicate that investors are still hesitant to take risks. At this point, the Bitcoin price has been trading in a downward structure since October. Since the cost basis for short-term investors at 111,900 dollars has not yet been reclaimed to its former level, a strong trend reversal signal has not been established in the medium term.

On the other hand, the accumulation movements that have started again at the 100,000 dollar level could lay the foundation for a short-term recovery. However, the supply concentrated in the 106,000 – 118,000 dollar band continues to constrain the market during every rise. The weak institutional demand in the ETF space and the low funding rates in futures trading are noteworthy. The fact that investors are positioning for protection at the 100,000 dollar level indicates that the market is struggling to generate strong momentum in the upward direction.

Glassnode data shows that Bitcoin is consolidating within a balance range due to a lack of macro catalysts and the cautious posture of investors. The 100,000 dollar psychological level is critically important; if the price makes a lasting close below this level, increased volatility is anticipated. This uncertainty in Bitcoin brings along various dynamics that investors need to closely monitor.