Easing Sell Pressure Lifts Bitcoin to $64,000 Amid Range-Bound Market

Bitcoin (BTC) surged to $64,000 on Monday, but its price remains firmly range-bound due to weak spot liquidity and ETF outflows, according to Glassnode's Week 34 Market Pulse report. Analyst Chris Beamish noted that the cryptocurrency is still within its upper bound of $65,000, a level it failed to reclaim over the past week.

Spot volumes and transaction throughput continue to contract, indicating subdued liquidity and limited directional conviction across the market. Derivatives also paint a cautious picture, with leverage expanding moderately but perpetual taker flows turning increasingly sell-side, reflecting more aggressive distribution.

Funding rates remain positive, meaning long-biased positioning persists, while options markets continue pricing elevated downside protection relative to realized volatility.