Bitcoin (BTC), despite a breakout of $79,500 in a single day, has failed to reach $77,000 multiple times during the last week. Short-term holders took profit as the rally peaked and have sent 150,000 BTC on exchanges since 15 April.
Crypto analyst Darkfost noted Short-term Holders (STHs) or wallets which have BTC in them for less than 15 days, continue to be fragile. BTC transfers to exchanges from wallets have increased in recent weeks as prices rose.
The three sessions of 65,000 BTC each followed by 54,600 BTC then 39,000 BTC were sent to the exchanges, and this may have been what prevented Bitcoin from reaching its resistance level, $80,000.
BTC Short-Term Holder Supply To Exchanges Source: CryptoQuant
Spot volumes also The decline was sharp. BTC has reached levels not seen since September 2023. This was near the end the last bear phase. Binance’s monthly volumes decreased by about $25 billion. Gate.io’s volume also dropped $13 Billion, and OKX fell about $6 Billion.
The current spot price level indicates that investors are less inclined to buy at this point. Darkfost explained,
“This contraction in volumes therefore reflects a temporary loss of interest in Bitcoin. While declining spot volumes can suggest negative short-term momentum, these phases of apathy are also often where new opportunities begin to emerge.”
BTC spot trading volume. BTC spot trading volume. Source: CryptoQuant
Related: Bitcoin Coinbase Premium threatens bear flag repeat with BTC price at $76K
Bitcoin is in need of new demand by leveraged traders
Bitcoin researcher Axel Adler Jr. highlighted By April 30, the oscillator reached +28.7, indicating a change in pressure. The long and short positions are being squeezed with more frequency, with the total liquidations of crypto increasing. reaching $604 million The last 24 hours
Bitcoin futures long-short liquidations dominance. Source: CryptoQuant
This shift will support the price near-term. The 30-day trend remains negative. This keeps the overall bias tied to long-term liquidations.
The open interest reveals where the traders may lack urgency. The average seven-day volume dropped from 300,000 BTC to around 292,000 BTC. Around 8,000–9,000 BTC in leverage has been removed over the past 10 days, with daily changes still negative.
No increase in the participation rate has been observed. The price is still pushing against $77,000. If the price were to move up more, open interest would have to rise and spot volumes expand. This could signal new capital coming into the market instead of futures being closed.
Related: Bitcoin analysts explain why BTC price can’t take out $80K
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Source: cointelegraph.com
