Bitcoin (BTC) reclaimed $90,000 this week, but onchain data indicated that the move sat on shaky grounds. Despite a strong cost-basis cluster, demand, liquidity, and futures activity remained thin.
Key takeaways:
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The $84,000 cost-basis cluster held 400,000 BTC, but spot demand above it remains shallow.
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BTC liquidity signals resembled the weakness seen in early 2022, with losses dominating recent flows.
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Recent futures activity was mostly shorts-covering, and not long-positional build-up.
BTC…
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