Bitcoin Market Update: Consolidation at $107,000
📊 Bitcoin is currently consolidating around $107,300, maintaining its position within the established range of $100,000 to $110,000 in place since early May. Recent 4-hour charts show relatively low volatility with prices fluctuating between $107,000 and $107,500.
🔍 Key takeaways from market data:
- Strong support zone established between $93,000 and $100,000 according to the CBD heatmap
- Trading activity has considerably slowed (on-chain transfers down 32%)
- Spot trading volume at only $7.7 billion, well below previous rally peaks
- The futures market shows signs of fatigue with declining funding rates
💡 What this means: The market seems to be in a waiting phase after the recent attempt to break through $111,000. Although the medium-term bullish trend remains intact as long as prices stay above key support, we will need to see an improvement in demand and trading activity for Bitcoin to make a new push toward new highs.
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