Bitcoin Faces Sell-Off Pressure, But a Rebound Glimmer Emerges: Can the $80,000 Target Be Achieved?
Despite the influx of Bitcoin into exchanges and the outflow of funds from spot Bitcoin ETFs creating selling pressure, Bitcoin rebounded back to $77,000 on Monday, sparking ongoing market interest in whether bulls can push it up to $80,000 this week.
Specifically, the net inflow of Bitcoin to exchanges this week was about 18,000 BTC, significantly increasing the short-term selling supply in the market.
Additionally, the spot Bitcoin ETF recorded a net outflow of nearly 16,000 BTC, and with institutional inflows failing to absorb the exchange supply, this has collectively heightened market risk aversion.
Bitcoin researcher Axel Adler Jr. believes that if the net fund flow demand on exchanges falls back to neutral or negative territory, the rebound momentum will strengthen.
Meanwhile, Glassnode analyst cryptovizart pointed out that the daily trading volume of the ETF has dropped from $50 billion at the end of last year to below $20 billion currently, indicating a decrease in speculative demand from traditional financial channels and weaker spot absorption capacity.
However, potential peace agreements between the U.S. and Iran have lowered market risk concerns and boosted demand for risk assets, leading to a slight recovery in Bitcoin prices at the start of the week.
Derivatives data shows that this rebound is primarily driven by short covering, with the total open interest of Bitcoin contracts dropping from nearly 268,000 to about 250,000 (slightly recovering to 254,000 on Monday), and the overall financing rate has decreased, reducing the risk of long squeezes.
Crypto analyst Rei Researcher states that while Bitcoin faces short-term pressure, the price stabilizing around $77,500 indicates steady spot demand absorbing supply.
At the same time, Glassnode data shows that price momentum has decreased by 21.7%, while the difference in cumulative trading volume between spot and perpetual contracts has increased by 77.2% and 35.5%, respectively, indicating that selling pressure is cooling down.
Overall, analysts generally believe that for Bitcoin to reach the $80,000 target price, its open interest and spot market demand need to grow in sync.
#BTC市场趋势
Despite the influx of Bitcoin into exchanges and the outflow of funds from spot Bitcoin ETFs creating selling pressure, Bitcoin rebounded back to $77,000 on Monday, sparking ongoing market interest in whether bulls can push it up to $80,000 this week.
Specifically, the net inflow of Bitcoin to exchanges this week was about 18,000 BTC, significantly increasing the short-term selling supply in the market.
Additionally, the spot Bitcoin ETF recorded a net outflow of nearly 16,000 BTC, and with institutional inflows failing to absorb the exchange supply, this has collectively heightened market risk aversion.
Bitcoin researcher Axel Adler Jr. believes that if the net fund flow demand on exchanges falls back to neutral or negative territory, the rebound momentum will strengthen.
Meanwhile, Glassnode analyst cryptovizart pointed out that the daily trading volume of the ETF has dropped from $50 billion at the end of last year to below $20 billion currently, indicating a decrease in speculative demand from traditional financial channels and weaker spot absorption capacity.
However, potential peace agreements between the U.S. and Iran have lowered market risk concerns and boosted demand for risk assets, leading to a slight recovery in Bitcoin prices at the start of the week.
Derivatives data shows that this rebound is primarily driven by short covering, with the total open interest of Bitcoin contracts dropping from nearly 268,000 to about 250,000 (slightly recovering to 254,000 on Monday), and the overall financing rate has decreased, reducing the risk of long squeezes.
Crypto analyst Rei Researcher states that while Bitcoin faces short-term pressure, the price stabilizing around $77,500 indicates steady spot demand absorbing supply.
At the same time, Glassnode data shows that price momentum has decreased by 21.7%, while the difference in cumulative trading volume between spot and perpetual contracts has increased by 77.2% and 35.5%, respectively, indicating that selling pressure is cooling down.
Overall, analysts generally believe that for Bitcoin to reach the $80,000 target price, its open interest and spot market demand need to grow in sync.
#BTC市场趋势