Bitcoin Price Stuck in Delicate Balance Amid Increased Leverage
Cryptocurrency analytics company Glassnode has noted that Bitcoin's price is stuck in a delicate balance, despite showing some signs of life. According to Glassnode, institutional demand and capital inflows are contributing to the market's stability, while the futures market continues to see an increase in open positions.
The spot momentum indicator, which had been cooling off, has recently declined by approximately 30%, falling to 54.6. However, this decline is not translating into strong buying appetite, and the pressure in the spot market remains.
In contrast, the futures market is seeing an increase in open positions, up 1% to $37.1 billion, indicating that leverage usage continues to grow. Additionally, funding payments have fallen by 32.8%, but this is being offset by the increase in positions.