## Bitcoin Price Stabilizing Above $84,000? On-Chain Analysis Recent analysis suggests Bitcoin (BTC) might be forming a bottom in the $84,000 - $90,000 range if it can maintain that level. Glassnode's weekly report highlights a potential stabilization, but also notes concerning on-chain indicators. While capital outflows are easing and speculative leverage shows gaps for building momentum, the market currently lacks a strong upward push. The 14-day Relative Strength Index (RSI) briefly entered oversold territory before reversing, sending a bearish signal. Derivatives data reinforces this caution, with the Cumulative Volume Delta (CVD) for futures and perpetual futures still declining significantly. On-chain metrics like fee revenue and adjusted realized capitalization have also decreased, indicating network weakness. ## Negative On-Chain Indicators and Future Outlook Despite the potential for a bottom, these negative on-chain indicators suggest BTC is navigating a period of stress. Whether Bitcoin can successfully defend the mid-$80,000 range and ease selling pressure remains to be seen. A sustained hold could indicate price stability in the near term. ```