Bitcoin Price Fluctuates Near $80K as Sellers Maintain Upper Hand

The Bitcoin price has been fluctuating within a specific range, with technical support between $76,000 and $77,500 continuing to attract buyers. According to Glassnode, substantial selling pressure is visible across both spot and derivatives markets, with negative cumulative volume delta (CVD) readings indicating that market participants executing trades at the bid have been more dominant than those lifting offers.

The weakness in spot demand is also evident in institutional flows, with weekly U.S. spot Bitcoin ETF netflows turning negative, totaling around $467 million. This can remove a source of demand at a time when the market is already dealing with weaker spot activity.

However, Glassnode's assessment does not point to an established structural breakdown, as continued capital inflows into the broader Bitcoin market and relatively high holder profitability help absorb the selling pressure.