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

According to a post by glassnode, Bitcoin faced resistance at $94,000 and subsequently fell to $87,000, with upward momentum weakening as selling pressure increased and liquidity diminished.

On one hand, the slight decline in open interest for futures indicates a moderate risk-averse sentiment in the market, rather than capitulation selling; the perpetual contract CVD has fallen below the lower limit, reflecting strong selling pressure. On the other hand, the number of active addresses has slightly decreased, but the adjusted transfer volume has exceeded the upper limit, indicating active capital flow. Meanwhile, the pressure from transaction fees has decreased, suggesting a reduction in demand for block space.

ETF fund flows have somewhat offset the impact of Bitcoin's price decline, but the MVRV of the ETF has slightly retreated, and the profit indicators remain weak. The market is currently in a consolidation phase; although some indicators show a potential rebound in trading activity and institutional interest, market confidence remains uneven, making it susceptible to further declines or prolonged range-bound fluctuations before demand strengthens.