The report from analytics firm Glassnode indicates that Bitcoin remains within the $100k–$110k range despite slowing profit-taking and market activity.
Bitcoin Support and Market Structure
According to Glassnode, Bitcoin is positioned within the $100k–$110k range, with support at $99k holding firm. Diminishing spot trading volumes and transaction activity suggest a consolidation of the market.
Institutional Inflows and Market Support
Glassnode's analysis emphasizes that institutional inflows into spot Bitcoin ETFs continue to provide market support. Despite profitability metrics slowing for retail investors, the steady flow of funds from institutions is maintaining balance in the market.
Outlook for Bitcoin
The potential consolidation phase for Bitcoin suggests a waiting period for fresh stimuli from investors. Current market conditions mirror past bull cycles where Bitcoin would pause at support levels, potentially followed by movements driven by demand spikes or selling pressure.
According to the analysis, Bitcoin remains in a holding pattern until new growth factors arise. This consolidation phase reflects a mixture of opportunities and caution, likely to persist until demand increases.
