Bitcoin skilled a notable surge earlier this week, climbing above the $104,000 mark and registering a weekly achieve of practically 10%. Nevertheless, after reaching this degree, the asset seems to have encountered resistance, with upward momentum slowing and worth motion remaining comparatively flat in latest days.
On the time of writing, BTC is buying and selling at $103,663, reflecting a modest 1.7% enhance over the previous 24 hours. Amid this worth efficiency, considered one of CryptoQuant’s high analysts, Darkfost, provided perception into the present market stagnation.
Derivatives Market Exercise Indicators Quick-Time period Uncertainty
In response to his put up on X, the foundation of the slowdown seems to stem from the derivatives market. Particularly, he pointed to the cumulative internet taker quantity, a metric that tracks the web quantity of market orders, remaining in adverse territory since BTC crossed above the psychological $100,000 threshold.
This implies that there are extra aggressive promote orders (shorts) than purchase orders (longs), creating persistent downward stress on worth. Internet taker quantity is a helpful gauge of real-time dealer sentiment, and when it traits adverse, it sometimes alerts that market members anticipate costs to drop, prompting extra short-selling.
The principle motive why BTC is at present caught at these ranges comes from the derivatives market.
The cumulative internet taker quantity has largely remained in adverse territory ever since BTC climbed again above the psychological $100 000 degree.
– What does this imply ?
⁰In easy… pic.twitter.com/2ABZ3qzQ0s— Darkfost (@Darkfost_Coc) Might 16, 2025
Darkfost emphasised that this development displays growing uncertainty amongst merchants about Bitcoin’s short-term skill to achieve new all-time highs. Whereas long-term sentiment stays constructive, the imbalance in derivatives exercise highlights a cautious strategy amongst members.
“It clearly displays a rising sense of doubt amongst merchants relating to Bitcoin’s skill to achieve a brand new all-time excessive within the very brief time period,” he said. “In such a context, the market likes to show them incorrect.” This sentiment-driven hesitation has slowed the tempo of Bitcoin’s rally, even because it stays inside putting distance of its January excessive.
Bitcoin Technical Setup Hints at Bullish Continuation
In the meantime, technical analyst Javon Marks pointed to chart patterns suggesting a possible continuation of Bitcoin’s bullish development. He highlighted the formation of a bull flag, a technical sample usually interpreted as a pause earlier than the continuation of an upward motion. “Bitcoin appears to be like to be bull flagging proper underneath all-time highs. A breakout can ship it above,” Marks wrote.
If confirmed, this might sign renewed upward stress and open the door for an additional leg increased. Moreover, Marks famous that altcoins are exhibiting comparable conduct to earlier market cycles, notably the surges seen in 2017 and 2021. He prompt that the present section might precede a broader altcoin rally, which traditionally tends to comply with Bitcoin’s strikes.
Altcoins look to be transferring equally and proper on observe because it did within the 2017 and 2021 surges.
The following section appears to be like to be the place #Altcoins ship the inexperienced mild, or in different phrases push of their most bullish phases.
This may SEND ALTS MUCH HIGHER, FAST
! pic.twitter.com/2wrr0WOTzB
— JAVON
MARKS (@JavonTM1) Might 16, 2025
Featured picture created with DALL-E, Chart from TradingView
