Signs of Bitcoin Market Fatigue Emerge, Warn Analysts at Glassnode

Bitcoin has been in a consolidation phase since May, but without a revival in demand, reaching new highs in the near future appears unlikely. This perspective was expressed by Glassnode.

On June 22, the leading cryptocurrency fell below the $99,000 mark amidst escalating tensions in the Middle East. Just two days later, prices rebounded following reports of de-escalation, returning to the consolidation range of $100,000 to $110,000, where it has remained since May.

Analysts have observed that Bitcoin found support at the upper boundary of the corridor between $93,000 and $100,000, a zone characterized by substantial accumulation of the asset during the first quarter of 2025.

“As long as the price stays above this range, the structure of the bull market remains intact,” Glassnode noted.

However, a downward breakout from this corridor could trigger a more significant correction, analysts warned.

The realized profit in this cycle has already exceeded $650 billion compared to $550 billion during the 2020-2022 period, but the pace of profit-taking has slowed.

The volume of on-chain transfers has decreased by 32% since late May, indicating a decline in investor activity.

According to analysts, the recent price movements have been driven primarily by news headlines. Even the achievement of a historical peak above $111,000 did not coincide with a notable surge in spot trading volumes, unlike previous all-time highs.

The futures market remains relatively active, but open interest has decreased by 7%, while liquidation volumes have increased in both directions, experts noted. Additionally, funding rates are declining, suggesting a decrease in appetite for long positions and leverage.

According to Glassnode experts, these trends indicate growing market fatigue.

«Without a resurgence in demand and conviction, the odds of breaking through to new highs in the short term seem limited,” they concluded.

It’s worth reminding that technical analysts have identified patterns suggesting that Bitcoin could rise above $120,000 this summer.

CryptoQuant has presented a “conservative” price forecast for the first cryptocurrency, predicting it will reach $160,000.