Bitcoin Price Analysis: BTC Consolidates But Lack Of Momentum Weighs On Price

The Bitcoin (BTC) price is hovering around $107,200 as markets wait for a catalyst to push the price higher. The flagship cryptocurrency is trading near its all-time high, marginally down over the past 24 hours, trading around $107,261. BTC could spend more time consolidating thanks to weak trading volumes, inflation, and waning on-chain metrics indicating subdued price action. Spot Bitcoin ETFs Register 13th Consecutive Day Of Inflows US spot Bitcoin ETFs are in the middle of their longest inflow streak since December 2024, recording over $2.9 billion in inflows over 13 consecutive days. Bitcoin ETFs recorded their largest single-day inflow streak on Tuesday, registering over $588 million in inflows, extending weekly inflows to $1.2 billion. BlackRock’s IBIT led the inflows with $163.7 million, while Fidelity’s FBTC registered $32.9 million in inflows. Bitwise’s BITB saw the third largest inflows with $25.2 million. Other funds that registered substantial inflows include Ark’s AKRB and Invesco’s BTCO. Meanwhile, Grayscale’s GBTC and smaller ETFs failed to register meaningful inflows. Sustained inflows indicate growing institutional interest and appetite for crypto investment products as ETF managers execute purchases through over-the-counter (OTC) channels to minimize impact. Peter Chung, head of research at Presto Labs, stated, “ETF flows are largely driven by two types of investors: Long-only fundamental investors and basis arb traders. But with basis arbitrage less attractive at present, most of the ETF flows are driven by long-only fundamental investors.” The current inflow streak has brought almost $3 billion into Bitcoin ETFs. “ETF managers can execute their purchase via OTC transactions, thus without impacting spot price too much. On-chain data indicates Bitcoin held by short-term holders (less than 155 days) has fallen rapidly in the last two months, suggesting short-term traders have been selling aggressively in the market.” Bitcoin Miners HODL Despite Revenue Slump Bitcoin miners are holding on to their BTC , indicating resilience despite shrinking profit margins, according to a report by CryptoQuant. Daily revenues plunged to $34 million on June 22, the lowest since April, thanks to muted price action and low transaction fees. The Bitcoin Network’s hashrate has also fallen 3.5% since mid-June, its sharpest decline in a year. Outflows from miner wallets have also dropped sharply, from 23,000 BTC in February to 6,000 BTC , indicating little enthusiasm to liquidate their holdings at current price levels. Even early “Satoshi-era” miners are hodl-ing, with only 150 BTC sold from dormant wallets so far this year. New York City Mayor Doubles Down On Crypto New York City is witnessing a pivot toward digital assets, reshaping how it envisions its financial future. New York City Mayor Eric Adams reiterated his support for digital assets during a chat at the Tokenization and Programmable Real World Assets Injective Summit on June 26, stating, “Taking my first three paychecks in Bitcoin was a clear symbolic message I was sending out. Because there’s a lot of misnomers about digital assets.” Adams stated that his decision had aged well despite initial skepticism and criticism, highlighting the long-term value gains. The NYC Mayor also condemned the city’s Bitlicense framework, stating it stifled innovation and deterred crypto startups. He also called on the crypto community to actively engage in the legislation. “If you didn’t learn anything from this last election, where this administration on a federal level is extremely crypto-friendly. Because, I think, in the first 120 days, there were almost 60 pieces of legislation that we saw go through the House. We can do that here also.” Adams proposed abolishing the current Bitlicense structure and empowering advocates to lobby state and local leaders to make the city more crypto-friendly. Bitcoin (BTC) Price Analysis Bitcoin (BTC) has held its position above $107,000, consolidating after a strong start to the week, which saw it rebound and reclaim $105,000 from multi-month lows. The flagship cryptocurrency plunged below $100,000 on Sunday thanks to an escalating conflict in the Middle East. However, a ceasefire brought relief, and positive sentiment returned, allowing BTC to reclaim $105,000 and stabilize around $107,000. However, weak on-chain activity suggests a lack of momentum as weak volume and inflation continue to wield influence. BTC experienced significant volatility on Sunday and Monday, leading to a substantial shakeout in the derivatives market. According to data from Glassnode, $28.6 million in long positions and $25.2 million in short positions were liquidated in 24 hours, a rare dual-sided flush that caught traders completely off guard. Bitcoin open interest also fell 7%, going from 360,000 BTC to 334,000 BTC . The flagship cryptocurrency’s on-chain activity is also showing signs of slowing down, with profitability metrics fading and user participation subdued. Analysts believe bearish momentum could continue next week as the latest inflation data indicates the Fed has little reason to shift its current stance. BTC dipped below the 20-day SMA on Tuesday (June 17), and fell to a low of $102,446 by Friday, with bearish sentiment persisting. The flagship cryptocurrency fell 1.17% on Saturday, dropping to a low of $100,979 before settling at $102,180. BTC plunged below $100,000 on Sunday as market sentiment worsened, falling to $98,385. However, it recovered from this level to reclaim $100,000 and settle at $100,982. Source: TradingView BTC started the week on a bullish note, rising over 4% to cross $105,000 and settling at $105,442. The price pushed higher on Tuesday, crossing the 20 and 50-day SMAs and $106,000 to settle at $106,138. Buyers retained control on Wednesday as BTC rose 1.18% to cross $107,000 and settle at $107,393. BTC lost momentum after reaching this level, falling 0.39%, slipping below $107,000, and settling at $106,970. It recovered on Friday, registering a marginal increase to reclaim $107,000 and settle at $107,129. The current session sees BTC marginally up, trading around $107,468. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Bitzo