Glassnode: Bitcoin faces resistance at $94,000, with derivatives and on-chain signals remaining cautious

According to ChainCatcher reports, glassnode states that Bitcoin faced resistance at $94,000 and subsequently dropped to $87,000. As selling pressure increased and liquidity weakened, upward momentum diminished. On one hand, open interest in futures contracts slightly decreased, indicating that market risk aversion remains moderate rather than capitulative selling; the perpetual contract CVD fell below the lower limit, reflecting strong selling pressure. On the other hand, the number of active addresses slightly declined, but the transfer volume adjusted for entities broke above the upper limit, indicating active capital flow. Meanwhile, transaction fee pressure has eased, suggesting a reduced demand for block space. ETF capital flows have somewhat offset the impact of Bitcoin price declines, but the ETF’s MVRV has slightly retreated, and profit indicators remain weak. Currently, the market is in a consolidation phase. Although some indicators show a potential rebound in trading activity and institutional interest, market confidence remains uneven, making the market susceptible to further declines or entering a long-term range-bound oscillation before demand strengthens.