The cryptocurrency market has been consolidating in a tight range since the end of last week as most cryptocurrencies are trading sideways. Meanwhile, Bitcoin price is trading around $30,500, where it has been hovering for several weeks. As the price trading range remains largely unchanged, the possibility of a bullish breakout seems imminent.
Although the price continues to fluctuate slightly, traders seem to be very confident in the long-term prospects of the coin. Investors have been continuously accumulating the coin. According to data from popular on-chain platform Glassnode, traders accumulate an average of 27,100 BTC per month.
The above chart shows that investors have strong confidence in the upcoming Bitcoin rally. Now that the BTC halving is about 200 days away, traders have begun to prepare for the post-halving rally. As seen in the past, BTC price triggers a massive rally with a huge surge, with gains of more than 300% to 400%, forming new ATHs in the next 12 to 15 months.
Therefore, now that the price is range-bound, it may be a good time to accumulate. On the other hand, traders seem to be taking profits on their Bitcoin holdings; the supply of profits is increasing, while the supply of losses is decreasing rapidly.
Currently, Bitcoin and most altcoins are fluctuating and not showing any possibility of huge price fluctuations. Moreover, the new CPI report will be released on Wednesday, July 12, 2023, and is expected to rise by 25 basis points again. Therefore, until the CPI is released, Bitcoin price is expected to trade in the same range without any major price fluctuations.
