Bitcoin Trades Below $93,000 as Sell Pressure Eases Despite Market Turbulence

Bitcoin experienced a notable price decline over recent days, dropping from weekend highs of approximately $95,450 to trade around $92,550 ^[1], with further weakness pushing the cryptocurrency below $91,000 ^[4]. Despite the pullback, on-chain analytics reveal emerging signs of market stabilization as selling pressure diminishes.

Market Conditions Show Signs of Improvement

Analysts from Glassnode reported early indications of improving spot market conditions, noting a modest increase in Bitcoin trading volume accompanied by a shift in buy-sell dynamics. The net buy-sell imbalance has exceeded its upper statistical band, signaling a clear reduction in sell-side pressure ^[1]. However, the firm cautioned that spot demand remains fragile and uneven.

"Overall, Bitcoin remains in consolidation, but internal conditions are improving," Glassnode stated, adding that markets are gradually rebuilding with strengthening buy-side dynamics and renewed institutional interest suggesting a shift toward a more constructive market structure ^[1].

First Monthly Losses Since 2023

A significant milestone occurred as Bitcoin holders realized net losses over a 30-day period for the first time since late 2023, according to data from CryptoQuant. Julio Moreno, head of research at CryptoQuant, noted that the rolling 30-day realized profit and loss metric dipped below zero, indicating coins moved on-chain during the past month were sold below their purchase cost ^[2].

This shift follows more than two years dominated by realized profits and suggests selling pressure is increasingly coming from holders who purchased at higher price levels ^[2].

Strong Institutional Interest Despite Volatility

Crypto investment products attracted substantial capital last week, with inflows reaching $2.17 billion—the highest of 2026 to date and the largest weekly gain since October, according to CoinShares ^[3]. Bitcoin dominated these inflows with $1.55 billion, representing over 70 percent of the total, while Ethereum attracted $496 million ^[3].

However, US-listed spot Bitcoin exchange-traded funds recorded $394.7 million in net outflows on Monday, breaking a four-day inflow streak that had brought more than $1.8 billion into these products ^[2].

Geopolitical Pressures and Safe Haven Dynamics

Geopolitical tensions and trade concerns have weighed on risk assets while benefiting traditional safe havens. Gold surged past $4,700 per ounce for the first time, with spot gold reaching an all-time high of $4,701.23 ^[2]. Early trading saw gold climb to $4,714, while silver briefly touched $94.6 per ounce ^[4].

The diverging performance between Bitcoin and gold has driven the Bitcoin-to-gold ratio sharply lower, down more than 50 percent from its peak ^[2].

Gracie Lin, CEO at OKX Singapore, suggested the market has absorbed much of the late-2025 profit-taking. "With fresh tariff headlines, softer growth signals across parts of APAC, and record gold prices in the background, that strengthens the case for Bitcoin being treated less as a short-term trade and more as a portfolio hedge," she told Cointelegraph ^[1].

Market Sentiment and Future Outlook

Bitcoin recorded its lowest Coinbase Premium Gap in a year during a US market holiday, suggesting strong selling pressure from American investors compared to global markets ^[4]. The Fear and Greed Index fell to 32 points, returning to the "fear" zone and indicating diminished optimism ^[4].

Dr. Sean Dawson, research leader at Derive.xyz, warned that options markets show a downward bias, with a 30 percent probability of Bitcoin falling below $80,000 by June 26, compared to a 19 percent chance of exceeding $120,000 in the same timeframe ^[4].

Despite near-term headwinds, analysts at Swissblock noted that recent declines in Bitcoin network growth and liquidity resemble conditions from 2022, which preceded a major bull run as both metrics recovered ^[1]. Total assets under management in crypto funds surpassed $193 billion for the first time since early November, demonstrating renewed investor confidence ^[3].