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Bitcoin Faces Resistance at $94,000, Derivatives and On-Chain Signals Indicate Caution

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BTC
$88,303.700.07%
On-chain data shows Bitcoin hitting resistance at $94,000 before retreating to $87,000 as selling pressure increased and liquidity thinned. Futures open interest dipped slightly, pointing to cautious risk aversion. On-chain analysis reveals perpetual contracts CVD below the lower bound, signaling strong selling. Active addresses declined, but entity-adjusted transfer volume hit a peak, showing capital movement. Transaction fees eased, and ETF inflows partially offset the drop, though ETF MVRV dipped. The market remains in consolidation, with mixed signals on a potential rebound.
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