Bitcoin has recently shown weakness, and broader market data still point to strong selling pressure.

The Crypto Basic, a blockchain news outlet, reported on June 8 that on-chain analytics firm Glassnode said in a weekly report that bitcoin remains in a "risk zone."

Bitcoin slipped from about $73,000 in early June to below $60,000, then recovered to the $61,000 range. Spot trading, derivatives, exchange-traded funds (ETF) and on-chain indicators collectively show bearish sentiment spreading across the market.

The first change was a slowdown in buying momentum. A bitcoin price momentum indicator fell to 10.6, well below the statistical lower bound of 31.6. Glassnode said this shows the short-term price move has sunk deeper into oversold territory and buying strength has weakened significantly.

Selling also dominated the spot market. Spot CVD on centralised exchanges fell to minus $168.8 million, near the lower baseline of minus $200.9 million. That means traders sold aggressively and began closing positions. Spot trading volume, however, rose to $7.8 billion. Investor activity remained strong despite the price drop, indicating continued trading in line with the recent rise in volatility.

The futures market also showed caution. Futures open interest fell to $32.5 billion but stayed within the statistical range of $30 billion to $38 billion. This suggests speculative demand is cooling as leveraged positions shrink. Funding payments for long positions fell to $970,000, and perpetual futures CVD dropped to minus $876.8 million, below the lower statistical baseline of minus $469.3 million.

The options market mood was similar. Options open interest fell below the lower statistical line of $33 billion. This means traders reduced exposure by closing positions or taking profits.

The volatility spread rose above the upper statistical line of 22.15 percent, and the 25-delta skew also exceeded the upper zone of 15.68 percent. Glassnode said traders are paying more for put options, indicating stronger demand for downside protection and a more cautious market outlook.

Institutional flows also turned more conservative. Bitcoin spot ETFs saw weekly outflows of $1.4 billion, but overall trading volume did not shrink. Weekly spot ETF trading volume surged to $18.2 billion, and ETF MVRV fell to 1.01, near the lower baseline of 1.0. This means the average institutional investor's valuation of bitcoin holdings moved closer to the purchase price, and analysis suggests near-term profit-taking pressure could be limited.

On-chain indicators provided some cushioning. Daily active addresses rose within the statistical range to 661,100. Entity-adjusted transfer volume also rose to $7.2 billion, approaching the upper zone. Total fee volume fell, however, and the realised market cap change rate turned negative at minus 0.7 percent.

Even so, long-term holders maintained their presence. The STH-to-LTH supply ratio, which shows the supply ratio of long-term holders relative to short-term holders, rose slightly to 14.0 percent but stayed below the lower statistical baseline of 14.7 percent. With weak sentiment but network activity and the long-term holder base not fully breaking down, bitcoin's near-term direction remains a key focus as a tug-of-war between selling pressure and holder support.

bitcoin:native fell from $74K to below $60K in a swift sell-off, triggering heavy liquidation pressure. Buyers stepped in near the lows, helping price recover toward $64K, but the broader trend remains weak. Read this week’s Market Pulsehttps://t.co/SHPiyZLHNt pic.twitter.com/fLx6kB4zO7