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Bitcoin remains within the $100,000 to $110,000 range as realized gains and network engagement decline.
Bitcoin (BTC) has remained within the $100,000 to $110,000 range for the seventh week in a row, attributed to slower profit-taking, decreased transfer volume, and a cautious derivatives environment, according to a report from Glassnode dated June 26.
The report pointed out the market’s difficulties in extending the rally that reached an all-time high in May, with the 30-day realized profit metric peaking in early May before declining as traders capitalized on the third earnings wave of the cycle.
Realized profit
The total realized profit for the cycle spanning 2023 to 2025 has now reached $650 billion, already exceeding the entire amount from 2020 to 2022. However, the current situation indicates diminished capital rotation.
Additionally, on-chain transfer volume has decreased by 32% from the late-May peak to $52 billion, while spot exchange turnover stands at $7.7 billion, significantly lower than previous breakout levels.
A cost-basis density heat map reveals a concentrated accumulation zone between $93,000 and $100,000.
Source: Glassnode.
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Bitcoin briefly tested the upper limit of this range during a weekend dip to $99,000 but regained the six-figure mark as geopolitical tensions subsided.
The report emphasized this cluster as structural support and noted that a significant break could compel holders in that range to capitulate, potentially intensifying a correction.
Derivatives reset as leverage sheds conviction
Futures liquidations surged to $28.6 million for long positions and $25.2 million for short positions during the volatility, eliminating leverage on both sides. Open interest fell from 360,000 BTC to 334,000 BTC, marking a 7% decline that removed speculative excess.
Annualized funding rates and three-month basis levels have continued to decrease over several weeks, indicating that traders are reluctant to re-establish aggressive long positions despite high volume.
The report mentioned that momentum remains positive as Bitcoin stays above cost-basis support, but a breakout necessitates “a clear pickup in demand, activity, and conviction.” Until these factors materialize, the price is expected to fluctuate within the current $10,000 range.
As of press time, Bitcoin was trading at $107,630, approaching the upper limit of the current range.
The post Bitcoin stays confined to $100k–$110k band as realized profit and network activity recede appeared first on CryptoSlate.
