Bitcoin Eases Sell Pressure at $64,000 as Liquidity Remains Weak

Bitcoin (CRYPTO: BTC) hit $64,000 on Monday as sell pressure shows early signs of easing, though weak spot liquidity and ETF outflows keep conviction limited, according to Glassnode.

Glassnode analyst Chris Beamish wrote in the firm's Week 34 Market Pulse report that Bitcoin remains firmly range-bound after slipping from the $65,000 area over the past week. Spot volumes and transaction throughput continue to contract, pointing to subdued liquidity and limited directional conviction across the market.

Derivatives also tell a cautious story, with leverage expanding moderately but perpetual taker flows turning increasingly sell-side, reflecting more aggressive distribution. However, funding rates remain positive, indicating long-biased positioning persists, while options markets continue pricing elevated downside protection relative to realized volatility.