Market Sentiment & On- Chain Structure indicates weakness due to multiple reasons, like today's US GDP report, BTC/ETH Options Expiry of around $26-27 Billion on Friday etc.

According to BlockBeats, CryptoQuant analyst Axel shared data on social media indicating that current market sentiment and on-chain structure both point to market weakness. Short-term holders are reportedly in a state of unrealized loss, and all key recent support levels have turned into resistance.