Not the end, but a pause: bulls are stuck under $120,000

Bitcoin is stuck in a suspended state between new records and uncertainty — analytics company Glassnode warns of the possibility of a prolonged consolidation for the cryptocurrency giant. At the current price of $118,307, the first cryptocurrency is in a "healthy but fragile balance," where profitability indicators are beginning to cool off after the recent surge to historical highs.

1-day chart of BTC/USDT. Source: cryptocurrency screener Cryptovizor

Cooling down after euphoria

In its latest report, Market Pulse Glassnode indicated that a new rise may not begin as soon as bulls would like. The company noted signs that investors are currently adjusting to the price behavior of bitcoin in the range.

"Profitability indicators have begun to cool down. The percentage of profitable supply and unrealized profits have slightly decreased, but remain in euphoric territory," analysts wrote.

Especially noteworthy was the drop in the ratio of realized profits to losses from 3.9 to 2.6. This indicator measures the coins moving into profit and loss compared to their last transaction.

Bitcoin: the ratio of realized profit to losses. Source: Glassnode

"This value has hovered just above the upper band at 2.7, indicating that realized profits still outweigh losses, although the momentum has cooled," Glassnode explained.

The shift indicates a market that is correcting in response to the recent achievement of a new historical high, as investors take a more measured stance amid declining bullish activity.

Not the end, but a pause

The decline in the price of Bitcoin does not mean that the bears are starting to take over. BTC/USD is coiling like a spring, strengthening new support.

The current consolidation is similar to previous phases of consolidation that lasted for weeks, noted Glassnode. "Overall, market conditions reflect a healthy but fragile balance," the analysts concluded.

$115,000 is like a magnet for the price

Traders are already watching for the levels to which bitcoin may drop during the current pause in growth.

Analyzing the liquidity of order books, market participants increasingly refer to $115,000 — this level is attracting more and more attention.

"The longer the price rotates in this area, the more orders accumulate for both buying and selling. These accumulations will determine which direction the price will break out," explained trader Daan Crypto Trades to his followers on social network X.

Liquidation map of positions for Bitcoin on the Binance exchange. Source: Coinglass

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