According to Glassnode data, Bitcoin's price was sharply rejected from the $94,000 level, and with increasing selling pressure and weakening liquidity, the market has become vulnerable to downward risks.

Bitcoin (BTC) failed to surpass the $94,000 level and retreated to around $87,000, losing the upward momentum seen in recent weeks. The weekly market assessment shared by a Glassnode analyst revealed that the weakening behind the price movements was clearly felt in both spot and derivatives markets.

Technical indicators confirm the loss of momentum. The 14-day RSI indicator is pulling back toward neutral levels, while aggressive sell-side activity in spot markets drew attention. The further decline of spot CVD data into negative territory indicates a weakening buying appetite among investors, and the approaching lower bounds of trading volumes suggest liquidity in the market is thinning.

Derivatives and on-chain data reinforce a cautious outlook
A similar picture emerges in derivatives markets. The slight decrease in open positions in futures indicates controlled risk reduction rather than a sharp panic sell-off. However, the dominance of sell pressure in perpetual contracts increased the fragility of existing long positions. On the options side, demand for hedging against downside risks continued.

On-chain data presents a more complex picture. The number of active addresses decreased slightly, while the on-chain transfer volume exceeding upper bounds drew attention. Although this indicates increased capital movement in the market, the decline in transaction fees suggests weak network demand. The growing influence of short-term investors increased volatility risk.

While net inflows in the ETF sector are a positive signal, the overall weak profit metrics indicate that a cautious stance persists in the Bitcoin market. According to Glassnode, unless strong demand emerges, the market will either experience further pullbacks or remain sideways.