Bitcoin Stuck in Range, Needs Fresh Buyers

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Bitcoin trades near key support at $104,000, but weak volume, fading onchain metrics, and sticky inflation point to more price consolidation.

BTC is consolidating within a descending channel, but weak onchain activity suggests a lack of momentum.

Rising Core inflation data (2.7%) and sticky price growth reduce the likelihood of Fed rate cuts, maintaining pressure on Bitcoin and risk assets.

Bitcoin experienced notable price volatility at the start of the week, with sharp weekend and Monday swings leading to a significant shakeout in the derivatives market.

According to Glassnode, $28.6 million in long positions and $25.2 million in shorts were liquidated within 24 hours, reflecting a rare dual-sided flush that caught leveraged traders off guard and underlined the rapid shift in market sentiment.


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