Bitcoin Struggles Above $77K as Short-Term Holders Dump 150K BTC to Exchanges
CryptoQuant data shows trading volumes at September 2023 levels as analysts warn of weakened investor conviction
نظرة سريعة
- Bitcoin failed to sustain breaks above $77,000 over the past week despite a brief rally to $79,500, as short-term holders sent 150,000 BTC to exchanges since April 15.
- Exchange volumes collapsed with Binance down $25 billion monthly, Gate.io down $13 billion, and OKX down $6 billion, reflecting investor apathy not seen since September 2023.
- Analysts say fresh demand from leveraged traders and expanded spot volumes are needed for a sustained breakout above $80,000.
ملخص مُنشأ بالذكاء الاصطناعي
Bitcoin's (BTC) attempt to trade above $77,000 have failed multiple times over the past week, despite traders managing a one-day breakout to $79,500. Data show short-term holders taking profits as the rally peaked, sending 150,000 BTC to exchanges since April 15. Crypto analyst Darkfost noted the continued fragility among short-term holders (STHs), or wallets holding BTC for less than 155 days. As the price rose over the past two weeks, BTC transfers from these wallets to exchanges increased. Three consecutive sessions saw 65,000 BTC, 54,600 BTC and 39,000 BTC sent to exchanges and these flows may have prevented Bitcoin from overtaking the resistance level at $80,000.
BTC activity has dropped to levels last seen in September 2023, near the end of the previous bear phase. Binance recorded a monthly decline of about $25 billion in volume. Gate.io also saw a $13 billion drop, while OKX volumes fell by roughly $6 billion. This indicates weaker investor conviction to build spot exposure at current price levels. Darkfost explained, "This contraction in volumes therefore reflects a temporary loss of interest in Bitcoin. While declining spot volumes can suggest negative short-term momentum, these phases of apathy are also often where new opportunities begin to emerge."
Bitcoin researcher Axel Adler Jr. highlighted a shift in liquidation pressure, with the seven-day oscillator turning positive and reaching +28.7 by April 30. Both the long and short positions have been squeezed more frequently, with total crypto liquidations reaching $604 million over the past 24 hours. The shift supports the price in the near term. The 30-day average remains slightly negative, keeping the broader bias tied to prior long liquidations.
Open interest shows where traders' urgency may be lacking. The seven-day average dropped to about 292,000 BTC from above 300,000 BTC. Around 8,000–9,000 BTC in leverage has been removed over the past 10 days, with daily changes still negative. The price continues to press against $77,000, with no rise in participation. A stronger move higher would likely require open interest to increase and spot volumes to expand, signaling new capital entering the market rather than futures positions being forced to close.
