Bitcoin continues to consolidate near key on-chain cost levels; the cost threshold for short-term holders around $96,500 is acting as a Bull/bear boundary, while a break below the $83,400 and $80,700 support levels could trigger a deeper correction.
Glassnode 's weekly report indicates that structural pressures remain despite the 30-day Medium spot ETF inflows returning to a neutral state; the market lacks clear signals of new liquidation , and direction depends on sustained demand in both the spot and ETF markets.
- The $96,500 mark is the Bull/bear line for short-term holders.
- Nearest support levels: $83,400 and $80,700; a break below these could lead to a deeper correction.
- 30-day neutral spot ETF; neutral Derivative , defensive options below $90,000.
Key price levels and correction risks
Bitcoin is consolidating around on-chain cost levels, with $96,500 being the cost threshold for short-term holders and Vai as a trend boundary.
The report notes that short-term holdings remain weak, making the cost zone around $96,500 a dividing point between buyers and sellers. When the price falls below this level, structural pressure could continue to weigh on the cryptocurrency market.
Key short-term support levels are identified at $83,400 and $80,700. If the price breaks below these levels, the risk of a deeper correction increases.
ETF cash flows, spot trading, and signals from Derivative.
The 30-day moving Medium of spot ETF cash flows has turned neutral, but there is no strong inflow yet; options have shifted to a defensive stance with a bearish bias below $90,000.
Glassnode stated that the neutrality of ETF flows helped alleviate structural selling pressure, but the market has yet to see sufficiently strong new buying from this channel. Spot market buying activity improved, with Binance leading the rebound, while demand on Coinbase remained relatively stable.
In the Derivative market, the funding rate for perpetual contracts remained generally neutral. Meanwhile, the options market became more defensive, leaning downward and recording negative dealer Gamma below $90,000, which could amplify downward volatility. The report highlighted the market's lack of clear signals regarding liquidation ; further developments depend on the ability to generate sustainable demand in both spot and ETF markets.
