The Glassnode analytical platform has published a fresh report on the current state of the market for the first cryptocurrency. Experts noted that the bitcoin price is stuck in a compressed range between the median realized price and the cost base of short-term holders. The researchers drew attention to the weak reaction of digital gold to the favorable macroeconomic background. Core inflation in the United States slowed to two and a half percent in July, and American stocks are holding at record levels. Despite this, bitcoin has not shown a steady recovery due to a noticeable shortage in demand. A return of quotes above sixty-eight thousand dollars will return recent buyers to profit and will be the first signal of an improvement in the market structure. A breakdown of the support zone at sixty-three thousand dollars may lead to a pullback to the June low around 58,500 dollars. Analysts have identified an aggregated realized price of $52,800 as the next lower bound.

At the same time, the researchers noticed clear signs of seller fatigue in the open market. The share of supply in profits has approached the values that in previous cycles fell at the very bottom of the bear market. An additional marker of the weakness of the downtrend was nine unsuccessful attempts to recover from the break-even level. According to analysts, steady consumer demand has not yet returned to the industry. Net capital flows to exchange-traded funds turned positive only at the end of July, but they remain noticeably weaker than past accumulation phases. Coins continue to arrive regularly on trading platforms, maintaining constant supply pressure. Large institutional investors are cautious and in no hurry to build up their positions.

Analysts have linked a separate risk to the current situation in the derivatives market. On the Hyperliquid platform, large traders have been holding a net long position since mid-March. The open interest in futures contracts has already exceeded their daily trading volume. At the same time, the depth of purchase orders has decreased by about a third since the beginning of July, indicating a decrease in interest from buyers. Earlier, another contributor to the CryptoQuant analytical platform identified the nearest resistance levels for the first cryptocurrency. Market participants are closely monitoring macroeconomic data and the actions of major holders. The future dynamics of bitcoin will directly depend on the return of steady demand and the influx of new capital.

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The material has been prepared solely for informational purposes and does not constitute financial advice or recommendation.