Bitcoin Retraces to $107K — Oversold RSI, Falling Volume and Soaring Options Skew Signal Defensive Market

glassnode’s Sept. 2 market analysis shows that as the Bitcoin price retraced from its all‑time high toward $107,000, the spot market remains above short‑term holders’ cost basis. The spot RSI has moved into oversold territory and declining trading volume signals waning market confidence. Spot CVD records a modest easing of selling pressure, implying temporary stabilization but overall weak demand. In the futures market, reduced open interest, lower funding rates and a slight improvement in perpetual CVD point to de‑risking and compressed leverage. Options participation has declined with tighter implied volatility spreads, while the 25 Delta skew has climbed above historical norms, indicating elevated demand for downside protection. glassnode characterizes the market structure as fragile; although ETF inflows have provided short‑term support, shrinking volume and reduced profitability reflect a predominantly defensive sentiment.