Bitcoin Fails to Break 92,000 USDT Resistance Amid Low Market Volume Since July

Based on Odaily, Bitcoin failed to break through the 92,000 USDT resistance level last week, while the overall crypto market recorded its lowest trading volume since July. The total crypto market cap stood at approximately $3.1 trillion, up 4% from the previous week, with an average weekly trading volume of $127 billion, 32% below the mean. Bitcoin’s weekly volume was $59.9 billion, 31% below the mean, and Ethereum’s weekly volume was $21.1 billion, 43% below the mean. Ethereum’s network fees (0.05 Gwei) were at the 5th percentile, indicating low on-chain activity. In derivatives, Bitcoin’s futures funding rate rose to 4.3%, at the 20th percentile of the past 12 months, with open interest dropping $1.1 billion to $29.7 billion. Ethereum’s funding rate climbed to 20.4%, at the 83rd percentile, with open interest rising $900 million to $16.2 billion. Currently, Bitcoin and Ethereum futures open interest account for 56% and 72% of their respective market caps.