Glassnode
Bitcoin has rejected at the True Market Mean near $79k and the short-term holder cost basis, confirming both levels as resistance and reinforcing a mid-term downside bias. Support is currently holding in the $65k–$70k range, but demand remains structurally weak.
On the positive side, spot selling pressure is easing — volume delta is recovering toward neutral and early signs of buyer re-engagement are emerging. The more notable development is in derivatives: perpetual futures positioning has flipped to a record net short bias, reflecting elevated hedging activity. That level of short concentration historically creates the conditions for sharp, short-lived squeezes even in a range-bound market.
The setup is one of cautious equilibrium — sellers are stepping back, but buyers have not yet committed enough to break the resistance ceiling.
CoinTelegraph
CoinDesk