According to Glassnode data, Bitcoin remains trapped in a narrow zone as weak demand and sustained selling pressure overshadow the impact of the recent rate cut.
Glassnode’s latest assessment shows that Bitcoin failed to deliver the relief many expected after the Federal Reserve’s recent quarter point rate cut. On chain indicators, liquidity conditions and the weak structure in derivatives collectively signal a market struggling to find direction as investor confidence remains low. Rising unrealized losses and increased selling from long term holders continue to weigh on the price even as it stays above the True Market Mean.
ETF flows in the United States have turned negative again, reflecting fading institutional appetite, while declining spot volumes point to subdued retail participation. The upper band is defined by two key resistance levels at 95 thousand dollars and 102.7 thousand dollars. In derivatives, open interest has not recovered convincingly and funding rates hover near neutral which implies that leveraged long positions have retreated. As a result price movements are increasingly driven by spot flows and macro events.
Short dated options continue to show rising volatility premiums indicating that traders are favoring volatility exposure rather than directional positioning. Skew metrics suggest that downside risk is priced more heavily at the front end while medium and long term tenors remain balanced. Glassnode notes that the current mix of weak demand and firm selling pressure keeps the structure fragile yet holding above the True Market Mean implies patient buyers are absorbing distribution. If selling pressure eases Bitcoin could attempt another move toward the 95 thousand dollar threshold.
