The world’s first and most popular cryptocurrency, Bitcoin (BTC), has remained range-bound recently. This comes as crypto market profit-taking slows, spot volume fades, activity metrics cool, and futures sentiment turns cautious, according to the latest report by blockchain data and intelligence platform Glassnode. Without a notable influx of new demand, upside momentum will remain limited.
BTC has been trading in a $100,000–$110,000 range, where it has been consolidating since 8 May. Macro elements and sharp reversals are driving price action.
Currently, the $99,000 support level holds. We’ve seen this last weekend when the geopolitical tensions pushed the prices down. That said, the coin swiftly recovered to $106,000 with the news of de-escalation in the Middle East.
That said, trading within this range reflects “continued uncertainty amid headline-driven volatility,” the report notes.
Moreover, Glassnode writes that there are growing signs of market fatigue, as well as a cooling pattern across key activity metrics.
First, there is profit realization. During the 2020–2022 market, BTC investors realized $550 billion in profit across several rallies. But realized profit has already reached $650 billion in the current cycle.
Following the third significant wave of profit-taking, the market seems to be cooling down. This suggests that “while large gains have been secured, momentum is now easing as realized profitability tapers off.”
Source: GlassnodeNext is the onchain transfer volume. The 7-day moving average has dropped some 32%. It fell from a high of $76 billion in late May to $52 billion last weekend.
Additionally, unlike the ATH rallies in Q2 and Q4 2024, the latest ATH did not see a surge in spot volume. The current amount of $7.7 billion is significantly lower than the cyclical peaks from earlier in this bull market. This highlights a lack of speculative intensity, crypto market hesitancy, and the consolidation narrative.
The analysts conclude that “profit realization is cooling, on-chain activity is declining, and spot volume failed to rise meaningfully during the recent ATH push. While futures participation remains active, falling funding rates and futures rolling basis signal a cautious stance among speculators.”
Crypto Market Key Range Where the Bull Runs
Looking at the cost basis distribution (CBD) heatmap, Glassnode found that Bitcoin’s weekend drop to $99,000 found support near the upper edge of a dense supply zone between $93,000 and $100,000.
This is notable as this zone has been “a key area of activity since the top formation in Q1 2025, marking it as a structurally important level,” analysts argue.
Therefore, they write, as long as the price holds above this particular range, “the bull market structure remains intact.” However, a drop below it could trigger a deeper correction. This will especially be the case if holders with a cost basis in this zone begin to capitulate and add to the sell pressure, the report states.
Source: GlassnodeThat said, analysts note that despite BTC reclaiming the $100,000–$110,000 range, there are visible signs of diminishing profitability and sluggish on-chain activity. They argue that these trends are “typical in choppy consolidation phases, where volatility fades and investor engagement cools.”
The report concludes that “until we see a pickup in profitability and activity metrics, the likelihood of a breakout to new all-time highs remains limited. For now, the market appears to be digesting prior gains, awaiting fresh momentum and an influx of new demand.”
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