Glassnode: BTC momentum wanes, signaling consolidation over trend reversal

On-chain analytics firm Glassnode has analyzed that while Bitcoin's upward momentum has weakened, the current price action is more indicative of a range-bound consolidation than a major trend reversal. The firm noted that Bitcoin fell from a recent high of $98,000 to the low $90,000s this week. In its weekly market report, Glassnode explained that selling pressure in the spot market is gradually easing as trading volume slightly recovers, but demand remains uneven due to relatively low buying pressure. The derivatives market shows mixed signals, with a slight increase in futures open interest alongside a drop in funding rates. However, U.S. spot ETFs have seen a return to net inflows, and on-chain activity is stable. Overall, Glassnode suggests that while Bitcoin continues to move sideways, the market structure is gradually improving.