Bitcoin Network Volume Stabilizes at $58.7 Billion Amid Price Range

Bitcoin (BTC) has been fluctuating between $100,000 and $110,000 after a rebound from a local low of $75,000 in April. Current market activity shows indecision, reflected in Bitcoin’s network volume.

Network Volume Analysis

Bitcoin's network volume is in a 'stable equilibrium,' similar to the mid-2021 consolidation before significant price movements.
Average network volume reached $67 billion at $110,000 but has since declined to approximately $58.7 billion.
Since January 2024, average volume ranged between $40 billion and $80 billion, indicating market sentiment.
High volumes (around $80 billion) correlated with price peaks; lower volumes (around $40 billion) associated with pullbacks.
The current volume of $58.7 billion suggests a stable market condition, reflecting mid-2021 trends.

Maintaining above $40 billion signifies stability. Surpassing $80 billion indicates increased activity; falling below $40 billion may signal a downturn.

Potential Market Movements

On-chain metrics suggest potential for a bullish breakout despite current volume stability.
Short-term holder floor has risen to around $98,000, providing support against sharp declines.
Increasing selling pressure from miners and long-term holders creates uncertainty in BTC's short-term trajectory.
Current BTC price stands at $106,528, down 0.9% over the past 24 hours.