Bitcoin continues to trade sideways between $100,000 and $110,000, as cooling demand and cautious sentiment limit the chances of a breakout. The asset remains above strong structural support. However, market activity has declined since early May, according to Glassnode.
Bitcoin Finds Support Despite Volatility
Bitcoin briefly fell to $98,000 over the weekend as geopolitical tensions spooked investors. However, prices quickly rebounded to above $108,431 on Wednesday following news of de-escalation. Despite this price swing, Bitcoin has returned to a familiar range, where it has traded for nearly two months.
Related: All Eyes on the $108,900 Level as Bitcoin Enters Final Stretch to New ATH
The $93,000–$100,000 zone has emerged as a critical support level, backed by concentrated accumulation seen in the Q1 2025 heatmap data. As long as Bitcoin holds above this zone, analysts suggest the broader bullish trend remains intact.
Decline in Profit Realization and Activity
Recent data also shows that investor profitability is tapering off. Glassnode noted that, following three significant profit-taking waves during the current bull cycle, the 30-day moving average of realized profit has begun to decline.
Although Bitcoin investors have locked in $650 billion in realized profit so far, surpassing the 2020–2022 cycle total of $550 billion, the momentum appears to be slowing.
On-chain metrics tell a similar story. The 7-day moving average of transfer volume has dropped by 32%, falling from $76 billion in May to $52 billion.
Spot trading volume is also down, currently sitting at $7.7 billion, well below the levels seen during Bitcoin’s last all-time high push. These trends point to cooling investor engagement and reduced speculative interest.
Futures Market Sees Reduced Conviction
The futures market has remained active but shows signs of caution. Over the weekend, liquidations reached $28.6 million for long positions and $25.2 million for shorts, signaling a quick reversal in sentiment. Open interest decreased by approximately 7%, from 360,000 BTC to 334,000 BTC, as traders recalibrated their exposure.
Related: Bitcoin (BTC) Price Prediction for June 27
In addition, the annualized funding rate and three-month rolling basis have both declined, indicating a reduced appetite for leveraged long positions. Analysts note that this shift may reflect an increase in short exposure and arbitrage strategies rather than bullish conviction.
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