Bitcoin broke past the $85,000 threshold on Friday, but underlying market data suggests reduced activity and cautious investor sentiment. While a price rebound offers a short-term recovery, indicators like falling exchange inflows and increased futures market outflows indicate a cooling trend in the market. 30-day inflow volume has crossed below the longer-term average, signaling weakening momentum, while trading volumes remain low, suggesting limited buying activity. Analysts are watching for further signs of potential market stabilization or new catalysts before a stronger rebound emerges. Glassnode’s analysis suggests the downtrend began in mid-March, with continued bearish trends evident in exchange inflow data. The resulting market lull has led to reduced trading activity and increased caution among investors.