PANews reported on July 1st that according to the Bitfinex Alpha report, Bitcoin is currently consolidating in the range of $100,000 to $110,000, having risen nearly 50% from the April low of $74,600. Recent price volatility has narrowed, reflecting a cooling of on-chain and derivatives market activities, with reduced spot trading volume, weakened buying pressure, and a drop of over 7% in open interest, indicating that the market is transitioning from a strong upward trend to a range-bound phase. The realized price for short-term holders is around $98,700, which has recently attracted buying interest multiple times as a key support point.
Looking ahead, historical data shows that Bitcoin typically performs weakly in the third quarter, with an average return of 6%, and price volatility is expected to further decrease, with the trend likely to continue in a range-bound manner.
On the macroeconomic front, U.S. consumer spending has slowed while inflation remains high, with personal income and spending both declining in May. Core inflation rose to 2.7%. The possibility of the Federal Reserve cutting rates in the short term has diminished, with policy focus still on balancing price stability and economic growth risks.
