Bitcoin’s bull market remains structurally sound, according to on-chain analytics firm Glassnode — but a critical support zone is now under scrutiny. While the broader upward trend is still in play, signs of weakening momentum and declining investor activity suggest that the path to new all-time highs may not be smooth.
Key Support Zone Between $93K and $100K Holds Bullish Structure
At the heart of Glassnode’s latest analysis is the Cost Basis Distribution (CBD) heatmap, a powerful on-chain metric that reveals where Bitcoin investors originally acquired their holdings and how much supply is concentrated at various price levels. These zones often act as psychological and technical support or resistance areas, as large cohorts of holders may decide to buy more or sell into strength.
According to the data, the $93,000 to $100,000 range has emerged as a structurally significant support level. This means a substantial portion of Bitcoin’s circulating supply was purchased within this price band, and holders are likely reluctant to sell below it.
👉 Discover how on-chain data can predict Bitcoin's next big move.
As long as this zone remains intact, the overall bullish structure of the market stays preserved. However, Glassnode warns that a decisive break below this range could trigger a wave of selling pressure.
“A breakdown below this level could lead to a deeper correction, especially if cost basis holders in this zone begin to capitulate and increase selling pressure.”
Such a scenario would reflect a loss of confidence among investors who bought during recent rallies, potentially accelerating downside momentum.
Signs of Market Consolidation Amid Declining Activity
Despite Bitcoin trading above $107,000 at the time of writing, Glassnode observes troubling signs beneath the surface. The network is showing declining profitability and reduced on-chain activity, both of which point to a period of consolidation.
Market consolidation is common after sharp rallies. It allows the ecosystem to absorb previous gains, redistribute supply, and build a stronger foundation for future growth. However, prolonged inactivity can also signal waning interest or uncertainty among investors.
Currently, the data suggests that Bitcoin is in a range-bound phase, with volatility contracting and participation cooling off. Without a resurgence in transaction volume or new demand entering the market, the chances of a sustained breakout to new highs remain limited.
“Until profitability and on-chain activity metrics improve, the probability of breaking to new all-time highs remains constrained. The market appears to be digesting prior gains, awaiting fresh momentum and new demand.”
This phase of digestion is natural — but it also creates opportunities for informed investors to assess positioning and prepare for the next leg of the cycle.
Lackluster Volume Undermines Recent Price Highs
One particularly notable observation from Glassnode is the disconnect between price action and trading volume. Bitcoin reached new record highs in May 2025, yet these peaks were not accompanied by a surge in spot trading volume.
In fact, current trading volumes are lower than those seen during the early stages of the current bull run. This divergence raises questions about the strength of the rally.
Historically, sustainable bull markets are supported by increasing participation — more buyers entering the market, higher exchange inflows, and rising transaction counts. When prices rise without corresponding volume growth, it often indicates that the move is being driven by a small number of large players (whales) rather than broad-based demand.
This dynamic increases the risk of sharp corrections if sentiment shifts or profit-taking intensifies.
👉 See how real-time trading data helps spot emerging trends before they go mainstream.
What This Means for Investors
For long-term holders, the current environment may present a test of conviction. The $93K–$100K support zone acts as a critical line in the sand. As long as it holds, the structural integrity of the bull market remains intact.
However, traders should remain cautious. The combination of low volatility, weak on-chain activity, and anemic trading volume suggests that upward momentum is fading. A breakout will likely require either macroeconomic catalysts (such as Fed rate cuts or institutional inflows) or a surge in retail participation.
Until then, Bitcoin may continue to trade sideways, building energy for its next move — up or down.
Frequently Asked Questions (FAQ)
Q: What is the Cost Basis Distribution (CBD) heatmap?
A: The CBD heatmap is an on-chain tool that visualizes the price levels at which Bitcoin holders acquired their coins. It helps identify key support and resistance zones based on historical buying behavior.
Q: Why is the $93K–$100K range so important?
A: This range represents a concentration of Bitcoin supply purchased by investors during previous rallies. If prices fall below this zone, it could trigger panic selling from those investors, leading to further declines.
Q: Does low trading volume mean a crash is coming?
A: Not necessarily. Low volume during high prices often indicates reduced market participation, which can precede consolidation or correction. However, it doesn’t guarantee a crash — just that the rally lacks broad support.
Q: How can I tell when Bitcoin’s bull market resumes?
A: Watch for rising on-chain activity, increasing transaction volumes, growing exchange inflows, and improving profitability across wallets. These indicators signal renewed demand.
Q: What role do whales play in current price movements?
A: With lower overall volume, large holders (whales) have greater influence over price action. Their buying or selling can disproportionately impact markets, making movements less organic.
Q: Is it safe to buy Bitcoin during consolidation?
A: For long-term investors, consolidation phases can offer entry opportunities at stable prices. However, short-term traders should wait for confirmation of renewed momentum before taking positions.
👉 Learn how to time your entries using advanced market analytics tools.
Final Thoughts: Patience During Consolidation
While Bitcoin’s price continues to hover near record highs, the underlying metrics suggest caution. The bull trend is not broken — but it is resting.
The $93,000–$100,000 support zone remains the key threshold to watch. As long as it holds, the path to higher prices remains open. But without stronger participation and rising volume, any breakout may lack staying power.
Investors should use this period to evaluate their strategies, monitor on-chain signals closely, and prepare for volatility ahead. In crypto markets, patience often rewards those who understand that every bull run has its pauses — and every pause sets up the next surge.
Core Keywords: Bitcoin bull run, on-chain analysis, Cost Basis Distribution, BTC support level, cryptocurrency market consolidation, Glassnode data, Bitcoin price prediction