Bitcoin fell below the key $100,000 threshold on Tuesday and attempted a rebound on Wednesday. The rally quickly lost momentum as buyers struggled to push prices higher during U.S. trading hours. A significant density of sell orders just above the current price absorbed most of the buying, limiting the upward movement.
In brief
- Bitcoin remains stuck below $105,000, with rebound attempts running out of steam in the face of strong selling pressure.
- The market is adopting a cautious stance as investors await the imminent Supreme Court ruling on tariffs, which could influence confidence in stocks and cryptos alike.
- According to Glassnode, the market remains fragile but stable; the evolution of bitcoin will now depend on the ability of new buyers to resist persistent selling pressure.
Selling Pressure Keeps Bitcoin in a Tight Zone
After briefly regaining the $100,000 threshold, bitcoin is trading in a tight range around $102,000 to $103,000. This narrow band reflects a weakening of buying interest alongside continued selling by long-time holders, signaling a move away from the previous uptrend.
Trader Skew noted that bitcoin remains limited below $105,000, held back by a large group of sell orders. He also highlighted a clear divergence between Binance's spot Cumulative Volume Delta (CVD) and price, which typically signals that traders are quietly selling into the market rather than actively buying.
Skew described this behavior as passive selling, where sellers place orders to fill during rallies rather than aggressively selling to the market. He explained that traders often use this method during Asian trading hours to put downward pressure on the price.
To complement this feeling, crypto analyst Ted Pillows observed a strengthening of sales on Binance, with many sell orders accumulated above $105,000reinforcing the impression that the market continues to be under strong pressure.
Selling pressure intensifies as markets await verdict on tariffs
Further evidence of weakness also came from analysts who pointed to persistent selling pressure in the market:
- Material Indicators reported that a range of sell orders between $105,000 and $112,000 appears to be holding prices towards $98,000–93,000, and some or all of these orders could be deleted if bitcoin approaches $105,000.
- Additionally, veteran trader Kyle Chassé pointed out that large groups of buy orders were forming below the price of bitcoin, with long positions increasing, and warned that confidence among these traders could disappear almost instantly if selling pressure builds.
With selling pressure continuing to weigh on bitcoin, US stocks have slowed their advance towards new all-time highs. Attention has turned to the possibility of the Supreme Court striking down some trade tariffs, a development that could affect confidence in traditional markets and, therefore, impact digital assets.
Furthermore, the latest on-chain report from Glassnode describes the bitcoin market as fragile but stable. The company noted that although conditions appear oversold, investor behavior remains cautious rather than panicked. According to Glassnode, bitcoin's next big move will likely depend on whether new buying interest can counter selling pressure from long-time holders and push the price above the $112,000-$113,000 range. If this fails, continued selling could deepen the current downtrend and prolong the market's difficulty in recovering.
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