Bitcoin Trades Steady at $107,630 Amid Reduced Market Activity

Bitcoin (BTC) has been trading within a narrow range of $100,000 to $110,000 for the seventh consecutive week. This stability is attributed to slower profit realization, reduced transfer volume, and a cautious derivatives market, as indicated in a June 26 report. The market's struggle to sustain the rally from May's all-time high is evident, with the 30-day realized profit gauge peaking in early May before declining as traders secured the third earnings wave of the cycle.

The cumulative realized profit for the cycle between 2023 and 2025 has reached $650 billion, surpassing the entire period between 2020 and 2022. However, the current market signals reduced capital rotation. On-chain transfer volume has decreased by 32% from its late-May high to $52 billion, and spot exchange turnover is at $7.7 billion, significantly lower than earlier breakout levels.

A cost-basis density heat map reveals a dense accumulation zone between $93,000 and $100,000. Bitcoin briefly tested the upper edge of this band during a weekend dip to $99,000 but quickly reclaimed the six-figure threshold as geopolitical tensions eased. The report highlights this cluster as structural support, noting that a decisive break could force holders in that range to capitulate, deepening a potential correction.

Futures liquidations spiked to $28.6 million for longs and $25.2 million for shorts during the recent volatility, flushing leverage on both sides. Open interest contracted from 360,000 BTC to 334,000 BTC, a 7% slide that cleared speculative excess. Annualized funding rates and three-month basis levels continue to decline, suggesting that traders are hesitant to re-establish aggressive long exposure despite elevated volume.

The report notes that momentum remains constructive while Bitcoin holds above cost-basis support. However, a breakout requires "a clear pickup in demand, activity, and conviction." Until these inputs emerge, the price is likely to oscillate within the current $10,000 range. As of the latest update, Bitcoin was trading at $107,630, moving towards the cap of the prevailing range.