$BTC The blockchain analytics company indicated that Bitcoin found strong support around $98,300, which is the average price paid by short-term holders who bought during the past 155 days, a level that has proven significant in the current consolidation phase.

According to Glassnode, the total unrealized profits among Bitcoin holders rose to $1.2 trillion, approaching its all-time high of $1.3 trillion recorded late last year.

The strong monthly close in June above the $107,000 level has bolstered expectations for another rise.

On the other hand, economist Donald Dean suggested that Bitcoin is primed to take off after the tight consolidation near its recent highs.