TLDR
- Bitcoin has traded sideways for 42 consecutive days above $100,000, fluctuating between $100,000 and $110,000
- Short-term holders and miners are creating selling pressure that counteracts ETF inflows
- The $102,000 level serves as critical support, with a break below potentially signaling further decline
- Long-term holders have reduced profit-taking from $1.2 billion to $324 million in recent weeks
- Market participants are diversifying into other assets as Bitcoin matures into a more stable investment
Bitcoin has been stuck in a tight trading range for over six weeks. The world’s largest cryptocurrency continues to move between $100,000 and $110,000.
This sideways action has lasted 42 consecutive days. The prolonged consolidation comes despite positive developments in the market.
ETF inflows remain strong. Regulatory news has been favorable. Stablecoin market caps have grown. Yet Bitcoin’s price refuses to break higher.
Several factors explain this stagnation. Short-term holders are taking profits at current levels. Miners continue to sell their Bitcoin holdings.
Data from Glassnode shows short-term holders are active sellers. Wallets holding coins for less than one year have increased profit-taking. On Monday, these wallets made up 83% of total realized profits.
Last week, we highlighted how $BTC wallets that held >12m were the primary profit-takers. But that trend has now flipped. Yesterday:
🔹 <12m cohorts accounted for 83% of all realized profit
🔹 6–12m holders alone realized $904M – second-highest daily profit YTD pic.twitter.com/gBD8tLCjVG— glassnode (@glassnode) June 17, 2025
The six to 12-month holder group alone contributed $904 million in selling pressure. This represents the second-highest total for the year.
Long-term holders were even more aggressive sellers in May and early June. Their realized profits peaked at $1.2 billion last week. This week, the same group only realized $324 million in profits.
Mining Pressure Adds to Supply
Miners have also contributed to the selling pressure. Their Bitcoin balances have dropped from 1.94 million to 1.91 million coins since late May.
This represents about 30,000 Bitcoin sold in 20 days. However, miners’ share of total spot volume remains small. It has hit the lowest level since 2022.
The accumulation patterns that drove Bitcoin higher have weakened. Strong buying from whales and small addresses helped push prices from $75,000 in April. This accumulation stalled once Bitcoin crossed $100,000.
Alternative investment opportunities may explain the slowdown. Funding rates on perpetual futures have been attractive. Delta-neutral strategies offer 15-30% annual returns without directional risk.
Market Maturity Changes Investor Behavior
Bitcoin’s evolution into a mature asset class affects investor expectations. The days of 10x or 100x returns in short periods may be over.
This maturity has prompted some long-term holders to diversify. They are moving portions of their Bitcoin into equities, gold, and private investments.
The $102,000 level remains crucial support. Technical analysis shows this represents the 61.8% Fibonacci retracement level. A break below could target the $101,500-$102,000 range.
The monthly levels form a short-term range that Bitcoin clings to. A daily close below $104,600 would signal a true range break.
On-balance volume has fallen below early June lows. This indicates sellers currently have the upper hand. The RSI also shows bearish momentum.
Market participants expect continued sideways action in the near term. Summer trading typically sees reduced activity. Both Bitcoin and equities hover near all-time highs.
The current equilibrium between buyers and sellers may persist. New long-term investors continue buying dips while speculators reduce risk. This balance keeps prices stable within the established range.
Bitcoin’s price structure and momentum remain bearish on shorter timeframes. However, the shallow nature of recent dips suggests underlying strength for future moves higher.
