Bitcoin stabilizes around 88,000–89,000 USD in the context of a cautious market
Sellers are dominating the derivatives market, but for me, the notable point is that Bitcoin's price remains relatively stable.
Bitcoin is currently hovering around the 88,000–89,000 USD range despite continuous active selling pressure (taker).
When I look at the two main order flow indicators, the picture is quite clear: both accumulation pressure and momentum are weakening, reflecting a state of caution and fatigue in the market rather than panic.
The Net Taker Flow Z-score (7 days) has reversed to the negative zone after a local peak at the beginning of the year and is currently in the range of -1. For me, this is a moderate selling pressure, not extreme enough to trigger a strong sell-off.
However, history shows that the risk will increase significantly if this index remains below -2σ, especially when prices begin to break through important support areas.
On the momentum side, the Net Taker Ratio Z-score (30 SMA) has consistently decreased since the end of December and is currently around -0.3. This confirms a trend leaning towards the selling side, but it is not yet an acceleration phase.
I will pay particular attention if this index slips below -0.4, as that is often a signal indicating that the downward momentum may extend.
It is important that both indicators are synchronized in the negative zone, reducing the likelihood that this is just short-term noise. For me, the most positive scenario right now is that the indicators gradually return to the neutral zone while the price remains in the 88,000–89,000 USD range.
Conversely, if Flow Z falls below -2 in the context of momentum continuing to deteriorate, the market is likely to enter a deeper correction phase.
