Neutral Bitcoin Market Awaits Catalyst as Spot Buying Remains Absent
Bitcoin's price action remains stuck in a sideways range, lacking clear directional momentum. According to GugaOnChain's analysis, Bitcoin has failed to establish a definitive uptrend or downtrend, leaving traders and investors uncertain about the next major move.
The Delta-Thermo Market Multiple (DTMM) currently stands at 2.03, above the 1.5 threshold indicating accumulation but below the 2.5 level marking an expansion phase. This places Bitcoin in a neutral zone, suggesting that the market is neither heavily accumulating nor expanding aggressively.
Supporting this view, the short-term holder realized price of $69,371 sits below the current market price, and the short-term holder MVRV ratio is 1.13, indicating modest unrealized profit. Funding rates are neutral at 0.0056, indicating balanced sentiment among derivatives traders.
However, a critical missing piece for Bitcoin's uptrend, according to the analyst, is robust spot buying from U.S. investors. The Coinbase Premium Index has remained negative on both daily and hourly charts, suggesting that U.S. investors are not aggressively purchasing Bitcoin at current levels.