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BTC is consolidated within the descending channel, but weak onchain activity indicates a lack of momentum.
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Increasing data on inflation of basic inflation (2.7%) and growth with the label reduce the likelihood of feed rates, which maintains pressure on bitcoins and risk assets.
Bitcoin (BTC) He experienced a remarkable price volatility at the beginning of the week, with a sharp weekend and Monday leading to a significant shock in the derivative market.
According to Glass node$ 28.6 million in long positions and $ 25.2 million in shorts was liquidated within $ 24, which reflected a rare double flush that captured lever traders out of sight and emphasized a rapid shift in the market sentiment.
Open interest denominated BTC dropped by ~ 7%and fell to 334,000 out of 360,000 BTC. This sharp decline points to a temporary clearing of the speculative lever effect, indicating that the market is in the resetting phase.
While Bitcoin It remains between $ 100,000 – $ 110,000, onchain BTC’s activity shows signs of cooling. Metrics of profitability disappear and users’ participation remains subdued, which derives the consolidation phase. Glassnode noted that the market seems to spend recent profits and probably waiting for a renewed increase in demand to support another leg higher.
From a technical point of view, the inability of bitcoins sweeping external liquidity almost $ 109,000 led to a gradual stir on a 4 -hour chart. The current price event remains limited in the descending channel, with a key area of interest between $ 103,400 and $ 104,600.
This zone is cope with a daily gap of real value (FVG) and is supported by a 200 -day exponential gliding average (EMA), increasing the potential of reflection.
Given that the BTC collects internal liquidity in this extent, the credible scenario of the bull’s escape remains the descending channel on the new maximum. However, onchain is revived within the resistance and activity of onchain, but the wider market structure could probably remain in the consolidation regime.
Related: Bitcoin Long -term holder 800K BTC per month in record run
Bitcoins face headwinds as the basic inflation increases
The lack of a bull subsequent passage could mean that bearish momentum may persist until the coming week. Despite the recent positive chat around potential interest rate reduction, the latest inflation data suggest that the federal reserve system has a small reason to move its attitude.
Personal consumption or PCE inflation, preferred Fed metric, increased to 2.3%, which is in line with expectations, while the Core PCE climbed to 2.7%, which is slightly above 2.6%. This means the first increase from February 2025, indicating the renewed inflation pressure.
Since price growth shows signs of stickiness, the Fed is likely to keep its rate and maintain financial conditions tight, which is unfavorable to risk assets such as bitcoins.
Glass node data It also promotes a cautious outlook and shows a smaller increase in shoe volume by $ 7.7 billion during Q2. The volume of transfer dropped 36% earlier in the quarter, emphasized by the lack of speculative urgency.
Related: BAKKT Holdings files $ 1b shelf that could support bitcoin purchases
This article does not contain investment counseling or recommendations. Every investment and business step includes a risk and readers should do their own research in decision -making.
