🚀Bitcoin enthusiasts, buckle up! Bitcoin (BTC) seems to be playing the waiting game, sticking within its current trading range until a more favorable macroeconomic environment comes into play. 📈

Over the past few months, BTC has been trading without much momentum. Historically, BTC's growth spurts were tied to substantial increases in the global money supply (M2), indicating times of high liquidity and investor risk appetite. But this pattern hasn't shown up in the current cycle, even with a slight rise in global liquidity. 🌍

However, don't lose hope just yet! 🙌 The current market conditions, including factors like profitability, leverage, and coin age distribution, suggest potential for a more substantial rally within this cycle.

Long-term holders (LTHs) are seeing price stability around $60k, and short-term holders (STHs) are selling less due to decreased profitability. This could mean the market will continue its sideways movement until a trigger emerges that can prompt a decisive change.

The most likely scenario? Bitcoin will remain within this trading range until a more favorable macroeconomic environment emerges, possibly around the anticipated first US interest rate cut in September. 📉 This could ignite a new wave of demand and subsequent rally, marking the peak of the cycle.

So, keep your eyes peeled and your wallets ready, BTC lovers! The rally is coming! 🎉🚀