The Bitcoin course has been kept in the consolidation zone since May, but without the resumption of strong demand from investors, new maximum prices look unlikely, experts of the Glassnode platform said.

On June 22, the Bitcoin exchange rate dropped below $ 99,000 against the background of the war between Iran and Israel. However, already two days later, the quotes played a fall, recovering thanks to the news about the de -escalation of the conflict, and returned to the consolidation range of $ 100,000–110,000.

According to experts, Bitcoin demonstrated stability in the zone of $ 93,000–100,000, which in January – March became an asset accumulation. This border, according to experts, plays the role of strong support.

“While the price is held above this range, the bull trend remains unchanged. Without a revival of demand and conviction, the chances of a breakthrough to new maximums in the short term seem to be limited, ”Glassnode noted.

Analysts warn: in case of breakthrough of the lower boundary of the current range, the market may encounter a more pronounced correction. At the same time, the profitable profit in the current market cycle has already reached over $ 650 billion – compared with $ 550 billion recorded in the bull period 2020–2022. However, in recent weeks, the pace of fixation has arrived to decline.

According to Glassnode experts, the recent fluctuations in the course are more explained by external information factors, rather than fundamental changes. Even the update of the historical maximum at the level of over $ 111,000 was not accompanied by a significant increase in the volume of spare trade, as happened during previous market peaks.

The futures market remains relatively active, however, open interest was reduced by 7%, and the volumes of liquidation of positions increased in both directions, which indicates the uncertainty of moods among traders and investors, added analysts of Glassnode.

Earlier, Glassnode said that a decrease in the number of transactions in the first cryptocurrency network is due to the collapse of the number of operations and an increase in the dominance of large investors.