Market Analysis Bitcoin (BTC): fragility amid Macro shocks

Bitcoin (BTC) is still under great pressure, with weak essentials and total economic instability that constitute challenges, according to Glassnode. Despite these challenges, the cryptocurrency shows flexibility on the 80,000 dollar sign, indicating the potential defense by its owners in the long run.

Market overview

The Bitcoin market continues to move through volatility, as it is clear from sharp sales followed by a recovery to $ 82,000. The RSI Index (RSI) remains less than a decrease in statistics, hinting to a possible outbreak of the current monotheism. The instant cumulative size decreased to -167 million dollars, highlighting the constant pressure on the sale aspect. Although the immediate trading volume has risen to $ 12 billion, it seems driven by interactive sale instead of the new demand.

In the derivative market, the multi -month downtown continues, with an open interest to 33.94 billion dollars. The financing rates have increased slightly to $ 1.11 million a day. Meanwhile, permanent cardiovascular diseases sharply decreased to -594 million dollars, indicating a large pressure and sales references driven by mentors. In the options market, the volatile forecast increased, and while the open interest remains defeated by 21.77 billion dollars, the spread of volatility has become positive at +0.18. The Delta 25 Delta is still high at 0.08, indicating a strong hedge activity.

ETF and on-chain signals

The Fund’s Fund’s Fund Influences on the Stock Exchange (ETF) turned again, with a decrease of $ 297 million, although the weekly trading volume rose to 22.45 billion dollars amid increasing fluctuations. The ETF market rate has decreased to the achieved value (MVRV) to 1.23, slightly less than the statistical range, indicating that ETF holders are testing cost basis levels near $ 80,000.

The basics of the chain remain weak, as active addresses and the size of a little power transfer, and the size of the fees decrease to $ 458,000 a day, indicating a decrease in demand for the block area. Liquidity flows are still defeated, as the growth of the maximum achieved to 0.80 % per month. The short -term width is gradually ripening in long -term possessions, while speculative activity decreases, as it is clear from the hot capital that has decreased less than its lowest statistical levels. Profitability measures are also in a decline, with a 76 % profit rate, and the NUPL at 0.45, and the profit/loss rate at 0.21.

In general, the Bitcoin market is fragile due to poor basics, low profitability, and soft liquidity, which makes it vulnerable to total economic shocks. However, price elasticity may be about $ 80,000 a constructive signal if the wider market conditions stabilize.

For a more detailed analysis, please visit the original report on Glassnode.

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