Bitcoin slipped below the key $100,000 level on Tuesday and attempted a rebound on Wednesday. The recovery quickly lost momentum as buyers struggled to push prices higher during U.S. trading hours. A dense group of sell orders just above the current price absorbed most of the buying, keeping upward movement limited.
In Brief
- •Bitcoin remained stuck below the $105,000 mark after repeated attempts to rebound lost steam under heavy selling pressure.
- •The broader market turned cautious as investors watched the Supreme Court’s upcoming tariff ruling, which could sway confidence in both equities and crypto.
- •Glassnode described the market as fragile but holding steady, saying Bitcoin’s next direction will hinge on whether new buyers can overcome the lingering sell pressure.
Selling Pressure Keeps Bitcoin in a Tight Range
After briefly reclaiming the $100,000 level, Bitcoin has been trading in a narrow range around $102,000 to $103,000. This tight band reflects weakening buying interest alongside ongoing selling from long-term holders, signaling a shift away from the earlier bullish momentum.
Trader Skew noted that Bitcoin remains capped below $105,000, held back by a substantial cluster of sell orders. He also pointed out a clear divergence between Binance’s spot Cumulative Volume Delta (CVD) and the price, which typically signals that traders are quietly selling into the market rather than actively buying.
Skew described this behavior as passive selling, where sellers place orders to be taken during rallies rather than selling aggressively at market. He said traders often use this method during Asian trading hours to put downward pressure on the price.
Adding to this sentiment, crypto analyst Ted Pillows observed renewed selling on Binance, with numerous sell orders stacked above $105,000, reinforcing the sense that the market continues to face strong pressure.
Selling Pressure Builds as Markets Eye Tariff Ruling
Further evidence of weakness also came from analysts who pointed to persistent selling pressure in the market:
- •Material Indicators said a ladder of sell orders between $105,000 and $112,000 appears to be keeping prices down toward $98,000–$93,000, and some or all of these orders could be removed if Bitcoin approaches $105,000.
- •Adding to this, veteran trader Kyle Chassé pointed out that large groups of buy orders were building below Bitcoin’s price, with long positions increasing, and cautioned that confidence among those traders could vanish almost instantly if selling pressure hits.
With selling pressure continuing to weigh on Bitcoin, U.S. stocks have slowed their advance toward new record highs. Attention has turned to the possibility that the Supreme Court might overturn certain trade tariffs, a development that could affect confidence in traditional markets and, in turn, have an impact on digital assets.
Meanwhile, Glassnode’s latest on-chain report described the Bitcoin market as fragile but stable. The firm noted that while conditions appear oversold, investor behavior remains cautious rather than panicked. According to Glassnode, Bitcoin’s next major move will likely hinge on whether fresh buying interest can counter the selling pressure from long-term holders and push the price above the $112,000 to $113,000 range. If that fails, continued selling could deepen the current downtrend and extend the market’s struggle to recover.