Bitcoin trapped in a "structural deadlock," demand corridor absorbs selling pressure but large amounts of trapped positions suppress rebound space

- BTC is trapped in the range of $55,000–$79,200, showing a structural defensive stance

- The demand corridor of $60,000–$72,000 is digesting selling pressure, but there are large amounts of trapped positions at $82,000–$97,000 and $100,000–$117,000, suppressing rebounds

- Short-term holders are still at a loss, buying confidence is weak, and the upside space is limited

- Institutional funds are net flowing out, reducing risk, and spot market absorption capacity is insufficient

- Trading volume, contract holdings, and volatility all indicate a decline in speculative momentum, liquidity is weak, and rebounds are hard to sustain

ME News reports, February 12 (UTC+8), according to Glassnode analysis, Bitcoin prices continue to be trapped between the real market average (around $79,200) and the realized price (around $55,000), reflecting a defensive stance after a structural breakdown.

Currently, the demand corridor of $60,000 to $72,000 continues to digest selling pressure, but there are a large number of unrealized loss chips in the upper range of $82,000 to $97,000 and $100,000 to $117,000, constituting potential resistance during rebounds. The profitability status of short-term holders remains negative, highlighting weak buyer confidence recently, which limits the continuation of price increases.

Digital asset institutional fund flows have turned to a synchronized net outflow, indicating that institutions are generally adopting risk reduction strategies,

The spot market's absorption capacity is limited.

Spot trading volume surged during the sell-off but failed to sustain, indicating market participation is mainly reactive rather than proactive.

Perpetual contract positions are cooling, directional premiums are compressed, reflecting the exit of leveraged traders and a decline in speculative momentum. Implied volatility and skew indicators show there is continued demand for downside hedges in the market, consistent with a defensive market stance. Market maker gamma values and options holding structures exacerbate price volatility reactions, leading to short-lived market conditions against a backdrop of weak liquidity. #比特币挖矿难度下降 #比特币恐慌 #比特币流动性