Bitcoin Holds Near $80,000 Amid Cooling Spot Activity
Bitcoin's price has stabilized near $80,000 despite a decline in spot market activity and derivatives markets. According to Glassnode, the top cryptocurrency briefly broke above $80,000 before consolidating at its current level. Price momentum declined by 5% over the past seven days, falling from $85.5 to $81.2.
The indicator remained above its upper statistical threshold of 68.8, indicating that upward pressure and buyer dominance remain intact. However, spot market activity showed signs of cooling, with spot cumulative volume delta (CVD) falling by 124% from $279.7 million to -$67.2 million. This shift into negative territory suggests that selling pressure is beginning to outweigh buying activity among market takers.
Spot trading volume also decreased by 29.3%, falling from $8.7 billion to $6.2 billion over the seven days. This decline points to lower participation as consolidation takes precedence over fresh breakout attempts.