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

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BTC
$88,391.300.12%
On-chain data shows Bitcoin faced resistance at $94,000 and dropped to $87,000, with fading upward momentum amid rising selling pressure. Futures open interest dipped slightly, signaling cautious risk aversion. Perpetual contracts CVD fell below the lower bound, highlighting aggressive shorting. On-chain analysis reveals active addresses dipped but entity-adjusted transfer volumes hit an upper limit, showing strong capital movement. Transaction fees eased, and ETF inflows helped cushion the fall, though ETF MVRV dipped, with profit metrics still weak. The market is in consolidation with mixed signals—some suggest a rebound in activity, but confidence remains split, pointing to potential further declines or sideways trading.
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