Bitcoin continues to trade within a narrow range between $68,000 and $70,000, showing no decisive breakout. Fresh on-chain data indicates buyers may be attempting to regain control, with declining active supply suggesting reduced selling pressure, but weak spot demand remains a significant headwind for any sustained price movement.
Bitcoin’s price action remains uncertain, with the asset locked in a range-bound structure for weeks. This indecision persists despite fresh on-chain data and liquidity trends hinting at a potential shift toward buyer control.
Active Bitcoin supply has fallen over the last 30 days, signaling reduced transaction activity. This decline suggests fewer coins are changing hands, contributing to subdued volatility.
Recent liquidation data reinforces this view of market calm. Total liquidations over the past few days amounted to roughly $132 million, a relatively modest figure compared to periods of heightened price swings.
Spot exchange netflow points to thinning demand for the asset. Data from CoinGlass shows total spot accumulation over the past 72 hours reached just $238.11 million in net buys.
Such demand levels are insufficient to trigger a decisive price move. Most recent purchases have come from whales, yet their accumulation has not translated into a meaningful breakout.
One constructive development is the steady increase in the number of Bitcoin addresses in profit. Data from CryptoQuant’s UTXO in profit metric shows a growing share of holders sitting on unrealized gains.
However, active addresses have declined, suggesting many profitable holders are not rushing to exit. “If this upward trend continues without a corresponding surge in selling activity, Bitcoin could attempt a break above the $70,000 threshold,” the analysis notes.
Sustained upside will ultimately require stronger spot market demand. Without it, any breakout risks fading, leaving Bitcoin confined within its current range.
