Bitcoin Consolidates in Cautious Phase as Leverage Levels Decline
According to the latest 'BTC Market Pulse' report from Glassnode, Bitcoin has been consolidating in a range-bound phase. The price of BTC retreated to $64,000 on July 27 before rebounding to around $65,100.
The market is cautious due to declining leverage levels, outflows from regulated investment products, and weak on-chain activity. Buying momentum in the perpetual contract market has weakened, and speculative confidence has declined.
However, long-term holders continue to maintain confidence, supporting market resilience. Options open interest continues to grow as traders price in higher future uncertainty.