Bitcoin skilled a notable surge earlier this week, climbing above the $104,000 mark and registering a weekly achieve of almost 10%. Nevertheless, after reaching this stage, the asset seems to have encountered resistance, with upward momentum slowing and value motion remaining comparatively flat in current days.
On the time of writing, BTC is buying and selling at $103,663, reflecting a modest 1.7% improve over the previous 24 hours. Amid this value efficiency, one in all CryptoQuant’s prime analysts, Darkfost, supplied perception into the present market stagnation.
Derivatives Market Exercise Indicators Brief-Time period Uncertainty
In accordance with his submit on X, the basis 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 unfavorable 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 value. Internet taker quantity is a helpful gauge of real-time dealer sentiment, and when it traits unfavorable, it sometimes alerts that market members anticipate costs to drop, prompting extra short-selling.
The principle cause why BTC is presently caught at these ranges comes from the derivatives market.
The cumulative internet taker quantity has largely remained in unfavorable territory ever since BTC climbed again above the psychological $100 000 stage.
– 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 capability 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 capability to achieve a brand new all-time excessive within the very quick time period,” he said. “In such a context, the market likes to show them mistaken.” This sentiment-driven hesitation has slowed the tempo of Bitcoin’s rally, even because it stays inside placing 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 seems to be to be bull flagging proper beneath all-time highs. A breakout can ship it above,” Marks wrote.
If confirmed, this might sign renewed upward stress and open the door for one more leg increased. Moreover, Marks famous that altcoins are exhibiting related conduct to earlier market cycles, notably the surges seen in 2017 and 2021. He recommended that the present part could precede a broader altcoin rally, which traditionally tends to observe Bitcoin’s strikes.
Altcoins look to be transferring equally and proper on observe because it did within the 2017 and 2021 surges.
The subsequent part seems to be to be the place #Altcoins ship the inexperienced mild, or in different phrases push of their most bullish phases.
This will SEND ALTS MUCH HIGHER, FAST
! pic.twitter.com/2wrr0WOTzB
— JAVON
MARKS (@JavonTM1) Might 16, 2025
Featured picture created with DALL-E, Chart from TradingView
Supply hyperlink