$BTC is stuck in a death throes between buyer and sellers within the $89,000 - $93,000 range. While energy is accumulating, the following three signals explain why the need for a move remains strong in the market.
šø Short term optimism must be reflected in the distribution from the ETF advisory group.
This group has shifted from a net buy position ($134.2 million) to a strong sell position of $707.3 million to realize profit.
In the options market, the 25 delta index is skewed upward to 12.88%, indicating that trader are willing to pay higher premium to protect their portfolio from downside risk.
š¹ Despite selling pressure, technical indicator are sending positive signal.
RSI The Relative Strength Index RSI 14 day has strengthened from 38.6 to 58.2, confirming the upward trend.
The Profitability Supply ratio has slightly increased to around 67.3%, indicating that capital is flowing back into the market.
š¹ This recovery is heavily dependent on Short Holder STH.
The STH group is currently experiencing net losses as the $BTC price remain significantly lower than their average purchase price around $109,000 according to data.
Given their current off limit, this group tends to HODL, waiting for the price to surpass $100,000 to reach break even instead of cutting losses immediately. This could reduce selling pressure in the short term.
The market is anxiously awaiting a breakout from the $93,000 region to confirm whether this rally is a sustainable recovery or just a bull trap.
Do you think such heavy selling pressure is enough to sustain Bitcoin recovery?
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