Bitcoin Market in Its Final Consolidation Phase – On-chain and Macro Research

CryptoQuant verified On-chain and Macro Researcher Axel Adler has observed that Bitcoin is currently in its final consolidation phase, coinciding with its current price consolidation.

The crypto analyst notes that after BTC reached the $57,000 mark, there was an increase in the average daily token transfer volume from $650K to $765K. According to him, this change is within the consolidation range of $57K-$68K.

He maintains that the recent increase in Bitcoin transfer volume is a result of panic selling, yet the market has shown resilience as Bitcoin remains stable—an indication that BTC withstood the selling pressure “without significant declines” in price.

Axel noted that the consistent price range also indicates stable demand for Bitcoin. He further stated that despite BTC’s high price, investors still find it attractive.

The crypto analyst points out that the observed increase in BTC transfers at the $57K level signals sustained demand for Bitcoin and suggests a bullish outlook.

He added that the market is currently in its final consolidation phase, which “typically involves narrowing price movements and decreased volatility.”

Analysts are keenly observing the market and expect it to move in accordance with current market conditions. At the time of writing, Bitcoin is trading at $59,000, a price that has not reflected any recent news.

Increasing Clampdown on Bitcoin Exchanges

There is an increasing clampdown on Bitcoin and crypto exchanges across the world. In Brazil, Binance agreed to pay $1.7 million after the exchange was found to have been offering Brazilian residents derivatives products without legal backing from Brazil’s Securities and Exchange Commission (CVM).

Also in Nigeria, Binance is facing multiple charges related to terrorism financing and distorting the Nigerian currency. This has resulted in one Binance executive being incarcerated in Nigeria, while another has absconded.