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- Bitcoin Faces $88K Resistance Amid Low Liquidity
- Short-Term Holders Sell as Bitcoin Price Stalls
- Market Demand Drops with Fewer Active Addresses
The price of Bitcoin dipped once more since it failed to surpass important resistance points. The cryptocurrency maintains its position below $90,000 because short-term holders and liquidity constraints drive people to sell their positions. Market indicators point toward limited potential for Bitcoin price growth even though traders recently tried to lift it higher.
Bitcoin Struggles to Overcome Resistance
The Bitcoin price scaled to $88,752 during March 24 as its most elevated value before developing new both higher and lower points. The price reached $85,500 until it fell below $84,500 after March 23. The $88,000 resistance level continues to draw scrutiny from traders and analysts since Bitcoin has fallen short of surpassing it which weakens prospects for reaching $90,000.
Short-term holders (STHs) continue to exert selling pressure on the market. According to Glassnode, STH supply in loss has surged to 3.4 million BTC, the highest since July 2018. Analysts noted, “This cycle has created a ‘top heavy’ market, with a large portion of Bitcoin’s supply held by investors who bought at higher prices.” This has made Bitcoin’s price movement more dependent on short-term market sentiment.
Market Liquidity and Demand Remain Low
Bitcoin’s price struggles are also linked to a decline in liquidity and reduced demand from new buyers. On-chain transfer volumes have dropped 47% from their peak, now averaging $5.2 billion per day. Active addresses have also fallen by 18% since November 2024. These factors indicate a slowdown in overall market activity.
Futures market data shows open interest (OI) has decreased by 24%, falling from $71.85 billion to $54.65 billion. Funding rates in perpetual futures have also stabilized, reducing the likelihood of sudden price surges. Meanwhile, Glassnode’s Cost Basis Distribution (CBD) Heatmap suggests that new buyers are not entering the market in large numbers at current price levels.
Until Bitcoin successfully breaks the resistance level, analysts suggest the trend remains unchanged. Historical patterns indicate that price often faces multiple rejections before a decisive breakout. Traders continue to monitor Bitcoin closely to determine whether it will maintain its current range or attempt another move toward higher levels.
