Bitcoin's price has been struggling to break past recent levels, primarily due to dynamics in the derivatives market.

Since surpassing the key $100,000 mark, the cumulative net taker volume has largely stayed negative, signaling stronger selling activity.

What does this imply?

● In simple terms, traders have been favoring short positions over long ones in recent days, putting downward pressure that’s stopping Bitcoin’s upward trajectory.

● This trend suggests growing skepticism among traders about Bitcoin’s ability to hit a new all-time high in the near term.

Yet, markets often have a way of surprising those betting against the trend.