US Spot Buying Crucial for Bitcoin's Next Move
Bitcoin's price action remains stuck in a sideways range, with no clear direction in sight. According to GugaOnChain, an analyst at CryptoQuant, this is due to the lack of robust spot buying from U.S. investors.
The Delta-Thermo Market Multiple (DTMM) currently stands at 2.03, indicating that Bitcoin is in a neutral zone between accumulation and expansion phases. The short-term holder realized price is $69,371, below the current market price, suggesting that recent buyers are in profit on average.
Funding rates, which reflect the cost of holding perpetual futures positions, are neutral at 0.0056, indicating balanced sentiment among derivatives traders. However, the absence of spot buying from U.S. investors is a concern, as it has historically preceded upward momentum.