Bitcoin Stalls Below $77K As Spot Volumes, Leverage Decline

Bitcoin's attempts to surpass $77,000 have been unsuccessful, with data indicating that short-term holders have been selling as the rally peaked. Approximately 150,000 BTC has moved to exchanges since April 15, with increased transfers from wallets holding BTC for less than 155 days. This selling pressure, coupled with a sharp decline in spot trading volumes to September 2023 levels, suggests a temporary loss of investor interest and weaker conviction at current prices. While declining volumes can signal short-term negative momentum, they may also precede new opportunities. Additionally, a shift in liquidation pressure and a decrease in open interest indicate a lack of urgency from leveraged traders, suggesting that a significant upward move would require increased participation and expanded spot volumes.

(Source：Cointelegraph)