BTC’s recent rally appears to be fueled by spot market demand, not excessive leverage, according to K33 Research. That undercurrent of buying, especially from retail and Asia-based wealth managers, could help sustain bullish sentiment, even if near-term price action remains range-bound.

Nick Ruck of LVRG Research added that the lull in price may stem from caution ahead of upcoming macroeconomic data and concerns about the longer-term impact of recent U.S. trade deals.

"The lull in activity may stem from anticipated volatility ahead of future macroeconomic and policy reports, along with investor reactions to inflation fears from American consumers that drove less spending in the country last month," Ruck said.

"Traders are cautiously bullish as the US trade deals push prices higher, but concerns remain about the long-term impact from tariffs after the deals with major trading partners have been finalized," he added.

For now, markets are holding their breath just below key breakout levels, with the next decisive move likely to reset direction across the board