Bitcoin Futures Buyers Are Still Absorbing Sell Pressure Even as Demand Metrics Cool

[nihalsari]

Bitcoin's 30-day moving average net taker volume dropped significantly, falling to $58 million on May 18 from $243 million in April, reflecting the reduction in aggressive buying momentum that accompanied the correction from $82,000. However, market analyst CryptoOnChain highlighted a crucial detail in that data: the metric remained positive throughout the recent correction, meaning Bitcoin futures buyers continued to absorb sell pressure rather than stepping away entirely. A positive net taker volume during a price decline indicates that buyers are actively defending positions near current levels rather than allowing sellers to drive prices lower without resistance, a meaningful distinction from periods where futures buyers capitulate entirely and accelerate downside momentum.

The futures data aligns with what the spot market is suggesting through the Coinbase Premium Index's 14-day moving average, which continues to trend higher despite negative daily readings. Together, the two data sets paint a picture of a market where near-term selling pressure is real but being absorbed by participants with enough conviction to remain active buyers at current price levels. The divergence between cooling headline demand metrics and the underlying resilience in both spot and futures positioning suggests the current period is more consistent with healthy consolidation than with a distribution phase where large holders are systematically reducing exposure. Whether that assessment holds depends significantly on whether Bitcoin can maintain its position above the $74,800 level and eventually reclaim the $80,000 to $82,000 range that triggered the most recent round of profit-taking.

[cryptobro]

Healthy consolidation not distribution phase is what we say until $74,800 breaks obviously