Jun 28, 2025
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Fading Spot Volumes and Futures Sentiment May Push Bitcoin Below $99,000
Bitcoin fluctuated between $99,000 and $106,000 over the week, recovering from a dip below $99,000. However, on-chain data indicates potential weakness in the market.
Current Market Dynamics
- Bitcoin has returned to the $100,000 to $110,000 range.
- Strong accumulation between $93,000 and $100,000 has provided support.
- Market volume is declining, which could pressure this support level.
- 30-day realized profit average is decreasing, indicating reduced investor engagement.
- On-chain transfer volume has dropped by 32% from late May to recent figures.
- Current spot trading volume is $7.7 billion, significantly lower than during previous rallies.
Investor sentiment is cautious, raising the risk of Bitcoin dropping below $99,000 unless demand increases.
Futures Market Trends
- Open interest in futures dropped by 7%, from 360,000 BTC to 334,000 BTC.
- Funding rates have decreased since the all-time high in Q1 2025.
- Fading conviction among futures traders may limit upward momentum.
Bitcoin's current support zone ($93,000 to $100,000) remains intact but could face renewed testing due to low volumes and waning sentiment. As of now, Bitcoin is trading at $107,100.
