Bitcoin stalls near record highs amid derivative pressures but breakout potential remains

Bitcoin (BTC) It continues to show strength in the chain despite the long -term compression period of price between $ 100,000 and $ 105,000.

According to Fidelity Digital Asset Research, Chris Kuiper, Crypto Crypto remains in his “acceleration” “ The period characterized by increased profitability of the wallet and volatility, although the derivative activity dampens the momentum up.

Bitcoin closed 134 119 $ 13. May, with 99% of addresses in profit. Fidelity data shows that 10 days V may have a qualification as a highly profitable, highly volatility of the session. Historically, this phase was aligned with escape movements, including an increase that followed the American elections at the end of 2020.

Despite these conditions, Bitcoin was not able to break its upper level of resistance, while the final prices were largely contained in the narrow zone of $ 94,000 to $ 104,000 in the first half of May.

Derivative activity of creating headwriters

According to a 16. May the message according to Cryptoquant The contributor Darkfost, a limited price event, results from structural pressures on the derivative market.

The report stressed that the cumulative volume of net takeover, the degree of aggressive trading flow, has remained negative since bitcoins reclaimed $ 100,000. This imbalance shows that short positions outweigh the long and generate permanent sales pressure.

Bear placement suggests that traders are skeptical about the short -term transition to the new historical maximum and actively bet against another. As long as this ambition persists, the potential of bitcoins remains ascending despite the favorable conditions on the markets with shoes and chain.

Stagnation of prices in the presence of bull foundations is not unprecedented. However, although the derivative of the flows overloads the accumulation of points, even strong network signals may be temporarily suppressed.

The current divergence between the activity of derivatives and profitability on the chain emphasizes the friction in the process of discovering bitcoin prices.

Bitcoin hits record low vs. gold

The mute movement of bitcoin prices also led to the historical compression of volatility, which last hit more than 10 years ago.

Vanek Digital Asset Research Head, Matthew Sigel, note May 16 this 30 -day volatility of Bitcoins first dropped under Gold’s since the start of data.

Based on the Bloomberg terminal metrics, the BBR/GC1 ratio is now to 0.857, which is its lowest level for decades.

While the location of the derivatives remains a short -term barrier, historical formulas indicate that the extended period of volatility suppression often preceded large direction movements.

Whether this will happen again depends on the shifts of the recipient’s flow, macro conditions and conditions of liquidity.

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