Bitcoin slips below $74,000 for the first time since April as on-chain data shows momentum stalling
CryptoSlate
Bitcoin has dipped below $74,000 as weak ETF inflows and negative options positioning stall its recovery momentum.Summary
Bitcoin has struggled to maintain its upward momentum, falling below $74,000 as on-chain metrics from Glassnode highlight a bottleneck between $75,000 and $78,000. This range coincides with the Short-Term Holder Cost Basis and True Market Mean, where demand has waned. The market is currently pressured by significant spot ETF outflows, negative gamma in options positioning, and a broader macroeconomic environment characterized by firm yields and geopolitical uncertainty. Analysts suggest that reclaiming the $78,000 level through spot-led buying is essential to validate a bull market transition; failing this, the asset may risk sliding back toward its $60,000 floor.
(Source：CryptoSlate)