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Bitcoin’s price action in June reveals a consolidation phase marked by strong holder demand and reduced selling pressure on exchanges.
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Stablecoin inflows to centralized exchanges have significantly decreased, indicating a cooling of bullish momentum and a potential base-building phase.
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According to COINOTAG sources, the rise in accumulator addresses suggests long-term investors are steadily increasing their Bitcoin holdings without selling.
Bitcoin consolidates above $100k amid growing permanent holder demand and declining exchange selling, signaling potential for a strong rally ahead.
Bitcoin Consolidation Reflects Strong Base-Building and Holder Confidence
Bitcoin (BTC) has entered a consolidation phase after its recent rally, trading within a defined range between approximately $104.8k and $110.5k. This price stabilization is underpinned by a notable decrease in exchange-directed liquidity, which highlights a reduction in seller pressure. The presence of a bullish breaker block at $104.8k on the 12-hour chart has provided robust support, preventing significant downward movement. This technical setup suggests that Bitcoin is undergoing a base-building process, where long-term holders accumulate assets while the price consolidates, creating a foundation for future upward momentum.
Declining Stablecoin Inflows Signal Reduced Selling Pressure
Data from centralized exchanges reveals a marked decline in daily inflows of stablecoins such as USDT and USDC. Crypto analyst Axel Adler Jr reported that these inflows dropped from a peak of $131 billion in December to around $70 billion in June, falling below the 365-day moving average. This trend indicates a cooling of excess bullish momentum and a reluctance among traders to convert stablecoins into Bitcoin for immediate buying. The reduced inflows correspond with the observed range-bound price action, suggesting that holders are increasingly confident in maintaining their positions without triggering significant sell-offs.
Source: Axel Adler Jr on X
Permanent Holder Demand Strengthens Bitcoin’s Price Floor
Analytics from CryptoQuant highlight a consistent rise in the 30-day moving average of accumulator addresses, which are wallets that accumulate Bitcoin without engaging in spending transactions. Analyst Julio Moreno emphasizes that these addresses represent long-term holders who are increasing their BTC positions steadily. This trend, combined with the reduced selling pressure on exchanges, creates a resilient price floor around the $100k mark. The interplay between these factors suggests that the market is preparing for a potential breakout, supported by a solid foundation of committed investors.
Source: CryptoQuant on X
Technical Indicators Point to Potential Reset and Support Levels
The Fibonacci retracement levels drawn from the recent impulse rally between $100.3k and $110.5k highlight critical support zones at $104.2k and $102.5k. These levels, alongside the monthly open and high at $104.6k and $110.2k respectively, define the short-term trading range. A decisive break below the bullish breaker block at $104.8k could trigger a reset towards the $100k psychological threshold. However, current market dynamics, including strong holder demand and low exchange selling, suggest that such a decline may be limited and temporary.
Market Outlook: Preparing for the Next Bitcoin Rally
Given the current consolidation and accumulation patterns, market participants should monitor the $104.8k support closely. The combination of reduced stablecoin inflows, rising accumulator addresses, and technical support levels indicates a high probability of a sustained rally once the consolidation phase concludes. Investors are advised to remain vigilant for breakout signals while appreciating the significance of this base-building period in reinforcing Bitcoin’s long-term bullish trajectory.
Conclusion
Bitcoin’s current consolidation above $100k is characterized by a strong foundation of permanent holder demand and diminished selling pressure on exchanges. These factors, supported by declining stablecoin inflows and increasing accumulator addresses, signal a robust base-building phase. While short-term price fluctuations persist within a defined range, the underlying market structure points to a potential upward breakout. Investors should consider this consolidation as a strategic opportunity to position for future gains, keeping a close eye on key support and resistance levels for confirmation.
