Bitcoin Price Stabilizes at $79,100 Amid ETF Inflows and Slowing Momentum
Bitcoin's price has stabilized around $79,100 after experiencing a sharp rally in late August. The cryptocurrency has been trading within a narrow range between $77,300 and $81,300, leaving analysts to wonder about its next move. According to Glassnode's weekly report 'BTC Market Pulse: Week 37', the market is currently facing a standoff between bullish and bearish factors.
The report notes that capital inflows into U.S. Bitcoin ETFs have accelerated to $681.2 million, while call demand has taken the lead in the futures market. However, spot buying momentum has slowed down, with the spot momentum index falling 30% week-over-week to 54.6.
Despite this, the report states that selling pressure is gradually easing, as indicated by the narrowing of the cumulative volume delta (CVD) from negative $84.9 million to negative $29.6 million. Volatility-related indicators remain in negative territory, with bullish catalysts and cautionary signals locked in a tug-of-war.
Glassnode noted on X that Bitcoin has maintained levels around $79,100 to $78,000 throughout the week, with spot trading volume remaining flat at $5.3 billion. The report's findings suggest that the market is currently experiencing a period of directionless trading.