Glassnode: Bitcoin Faces Resistance at $94,000, Derivatives and On-Chain Signals Remain Cautious

According to ChainCatcher, citing glassnode, Bitcoin encountered resistance at $94,000 and subsequently fell to $87,000. As selling pressure increased and liquidity weakened, upward momentum diminished.

On one hand, futures open interest saw a slight decline, indicating mild risk aversion in the market rather than capitulation-style selling; perpetual contract CVD fell below the lower limit, reflecting strong selling pressure. On the other hand, the number of active addresses slightly decreased, but the entity-adjusted transfer volume broke through the upper limit, indicating active capital flows. Meanwhile, fee pressure has decreased, suggesting a reduction in block space demand.

ETF capital flows have partially offset the impact of Bitcoin's price decline, but the ETF's MVRV has slightly retreated, and profitability indicators remain weak. The market is currently in a consolidation phase. Although some indicators show a potential recovery in trading activity and institutional interest, market confidence remains uneven, making the market susceptible to further declines or prolonged range-bound trading before demand strengthens.