Bitcoin (BTC) staged an apparent rebound in a September 28 report from Glassnode, yet buying pressure in the spot market looks unusually weak, and the disconnect between rising prices and underlying demand has become the market's central concern.

The price momentum stems mainly from earlier inertia. BTC pulled back to around $84,000 after touching $87,000, with its 4% weekly gain entirely contributed by the prior Monday's advance. The Relative Strength Index climbed 14.8% to 70.4 points, breaking through its upper threshold and signaling that the rally is being driven by prior momentum.

Data compiled by Woofun AI shows open interest rose to $38.9 billion, up 2.1%, while perpetual futures traders turned into sellers. Although bullish sentiment has cooled, that figure remains elevated. Fund flows show structural divergence, with U.S. spot Bitcoin ETFs (IBIT.US) drawing weekly net inflows of as much as $2.7 billion, far above the upper bound, even as ETF trading volume fell from $18.1 billion to $14.9 billion.

Realized value growth reached 1.1%, and the share of Bitcoin supply in profit rose from 69.3% to 74%, indicating that while buyers are absorbing coins at high prices, holders are also selling into strong prices. Data from the X platform shows BTC is up 35% from its August low, while BTC-denominated open interest has fallen nearly 20% to its lowest level since March, reducing the risk of a leveraged unwind.

However, long-term holders have a higher concentration of positions in the $84,000 to $85,000 range than at any other price level, forming a key resistance zone. The more critical variable is that spot trading volume in other cryptocurrencies is close to four times that of BTC, hitting a new high since September 2025. Historically, large-scale capital rotation into higher-risk assets has often accompanied the formation of a BTC price top, and the current signal warrants caution.