Bitcoin skilled a notable surge earlier this week, climbing above the $104,000 mark and registering a weekly acquire of practically 10%. Nonetheless, after reaching this stage, 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, one among CryptoQuant’s prime analysts, Darkfost, provided perception into the present market stagnation.
Derivatives Market Exercise Alerts Brief-Time period Uncertainty
In response to his submit on X, the foundation of the slowdown seems to stem from the derivatives market. Particularly, he pointed to the cumulative web taker quantity, a metric that tracks the web quantity of market orders, remaining in detrimental territory since BTC crossed above the psychological $100,000 threshold.
This means that there are extra aggressive promote orders (shorts) than purchase orders (longs), creating persistent downward strain on worth. Web taker quantity is a helpful gauge of real-time dealer sentiment, and when it developments detrimental, it usually alerts that market contributors count on costs to drop, prompting extra short-selling.
The primary purpose why BTC is presently caught at these ranges comes from the derivatives market.
The cumulative web taker quantity has principally remained in detrimental 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 potential to succeed in new all-time highs. Whereas long-term sentiment stays optimistic, the imbalance in derivatives exercise highlights a cautious strategy amongst contributors.
“It clearly displays a rising sense of doubt amongst merchants relating to Bitcoin’s potential to succeed in a brand new all-time excessive within the very brief time period,” he acknowledged. “In such a context, the market likes to show them improper.” 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 bull flagging proper below all-time highs. A breakout can ship it above,” Marks wrote.
If confirmed, this might sign renewed upward strain and open the door for one more leg larger. Moreover, Marks famous that altcoins are exhibiting comparable habits to earlier market cycles, notably the surges seen in 2017 and 2021. He urged that the present section could precede a broader altcoin rally, which traditionally tends to comply with Bitcoin’s strikes.
Altcoins look to be shifting equally and proper on monitor because it did within the 2017 and 2021 surges.
The following section appears 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
