Bitcoin price slipped back toward the mid-$77,000 range as sellers regained short-term control, analysts at Glassnode say.
Bitcoin is starting to lose steam after the largest cryptocurrency by market cap rallied from the high-$60,000s to a local peak above $82,000, according to a May 18 report from Glassnode.
In its latest report, the blockchain analytics firm stated that Bitcoin has started turning lower towards the mid-$77,000 region as sellers take charge again, meaning the recent bullish attempt has led to an unfavorable market structure.
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Analysts at Glassnode said spot cumulative volume delta, a measure of buyer versus seller aggression, also fell around 848%, while spot volume rose 4.2%, implying more trading happened, but the extra activity leaned toward selling rather than fresh conviction from buyers.
Futures market was also less optimistic as the futures open interest went down by almost 3%, indicating that traders were leveraging their positions lower. But the long-side funding payments rose by more than 136%, indicating that traders still had hopes of going long despite the perpetual downtrend.
Bitcoin ETF Demand Cools
The ETF side weakened at the same time. Data from SoSoValue shows spot Bitcoin ETFs recorded over $648 million in net outflows on May 18, the largest daily outflow since January.
This marked an end to a long streak as analysts from Keyrock, a crypto market maker, indicated on their Monday blog post that the Bitcoin ETF’s record of six consecutive weeks of inflows came to a close, having experienced over $995 million net outflows despite net inflows amounting to over $3.4 billion.
Even macro pressure couldn’t have helped much either. As reported by QCP Capital, a crypto trading desk, Bitcoin could remain confined within a range for lack of clear resolution to issues related to trade talks and U.S.-Iran talks.
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