Bitcoin Price Sinks Below $80,000 Amid Accumulation Limbo
The Bitcoin price has stalled below $80,000 as the market remains in a state of limbo between accumulation and expansion. According to CryptoQuant's Delta Thermo Market Multiple (DTMM) indicator, the reading of 2.03 suggests that the market is not yet in a strong expansion phase, but has also moved beyond the level associated with deeper accumulation.
The DTMM position is reflected in other market data, including rising realized profits and retail selling. The Short Term Holder realized price was $69,371, indicating that this group is holding gains, but the market is not showing readings typically associated with broad euphoria.
Funding rates remain close to neutral at 0.0056, suggesting that traders are not using large amounts of leverage to push the market in one direction. However, the Coinbase Premium Index is negative on both daily and hourly timeframes, pointing to weak spot buying pressure from the United States.