Bitcoin (BTC), the pioneering cryptocurrency, has been trading within a narrow range recently. This stability comes amid a slowdown in profit-taking across the crypto market, declining spot trading volumes, easing activity levels, and a cautious outlook among futures traders, as detailed in a recent report by blockchain data and intelligence platform Glassnode. Without a significant influx of new investments, Bitcoin’s upward momentum appears constrained.
The current trading range for BTC lies between $100,000 and $110,000—a pattern it has followed since May 8. Price fluctuations have been influenced by macroeconomic factors and sudden reversals.
At present, the crucial support level is set at $99,000. This was evident over the previous weekend when geopolitical tensions exerted downward pressure on prices, leading to a brief dip. However, Bitcoin quickly rebounded to $106,000 following positive news regarding de-escalation in the Middle East.
According to the report, the ongoing trading pattern signifies “continued uncertainty amid headline-driven volatility.”
#Bitcoin remains range-bound between $100k–$110k. Profit-taking cools, volume fades, and futures show signs of caution. What would it take for $BTC to break out from this trend? Read more in the latest Week On-Chain: https://t.co/boL6GT7NfS pic.twitter.com/bHEYwb3iv1
— glassnode (@glassnode) June 26, 2025
Additionally, Glassnode highlights emerging signs of market fatigue, evidenced by a decline in key activity metrics.
A notable factor is profit realization. Between 2020 and 2022, Bitcoin investors secured $550 billion in profits during various rallies, but in the latest cycle, realized profits have already climbed to $650 billion.
Following a significant wave of profit-taking, the market appears to be cooling, indicating that while substantial gains have been achieved, momentum is waning as the rate of profit realization declines.
The on-chain transfer volume has also experienced a downturn, with the 7-day moving average dropping approximately 32% from a peak of $76 billion in late May to $52 billion over the last weekend.
Unlike previous all-time high (ATH) rallies seen in the second and fourth quarters of 2024, the latest ATH failed to see a corresponding surge in spot trading volume. The current level is around $7.7 billion, significantly beneath earlier peaks in this bull market, signifying a lack of speculative enthusiasm and a prevailing narrative of consolidation.
Analysts conclude that with profit realization cooling, on-chain activity declining, and spot volume not increasing considerably during the recent ATH, a cautious sentiment prevails among speculators, reflected in falling funding rates and futures rolling basis.
Crypto Market Key Range Where the Bull Runs
Examining the cost basis distribution heatmap, Glassnode identified that Bitcoin’s drop to $99,000 over the weekend found support in a densely populated supply zone between $93,000 and $100,000. This zone marks a significant area of trading activity since the top formation in Q1 2025, making it a structurally important level.
As long as the price remains above this zone, analysts believe “the bull market structure remains intact.” However, a decline below this could trigger a more severe correction, particularly if investors who bought in this range start capitulating, increasing sell pressure.
Even though Bitcoin has reclaimed the $100,000–$110,000 range, analysts have pointed out observable signs of reduced profitability and sluggish on-chain activity. They suggest that these patterns are common in consolidation phases where volatility lessens and investor engagement cools.
The report indicates that without a resurgence in profitability and activity metrics, the prospects of breaking out to new all-time highs are limited. At present, the market seems to be in a phase of consolidating prior gains, pending the arrival of fresh momentum and new demand.
