Bitcoin has spent most of the past week pinned just below the highly watched $104,000–$105,000 band, and the sideways grind has split analysts over whether the market is topping out or simply catching its breath.
Consolidation Versus Correction
Technical traders see the recent drift as the textbook “flag” that often follows a sharp rally, with price carving out a narrow range while leverage resets and spot flows cool.
In the nine sessions since Bitcoin pushed to $105,900 from $74,400, liquidations have eased, ETF inflows have slowed, and order-book liquidity has begun to rebuild.
Yet the flag’s lower trendline around $90,000 is still attracting bids, underscoring the depth of demand that erupted after the mid-April breakout.
On-Chain Profit-Taking Still Looks Orderly
Glassnode’s short-term holder metrics confirm that many traders have locked in gains, but the research firm stresses that the scale remains “statistically normal” rather than capitulatory.
“Recently, the magnitude of STH Realized Profit has surged to almost +3 standard deviations above its 90-day average, reflecting a notable uptick in profit realization. In past cycles, particularly during rallies towards the ATH, this metric has historically climbed to over +5 standard deviations of more. This signals that much stronger profit-taking pressure is often required to overwhelm the inflow demand.”
That reading suggests the market still has room to absorb selling without destroying bullish momentum.
Analysts Eye a Quick Flush Before Higher Highs
Material Indicators, which tracks order-book heat maps, argues that, barring “a serious catalyst,“ […] BTC has a legit support test at $100K, and FireCharts show that the order book is priming for that with asks stacking and bids moving lower.”
Daan Crypto Trades echoes the caution but keeps a constructive bias, writing, “$90K remains my long-term line in the sand for spot exposure,” while remaining “cautiously bullish” so long as equities hold firm.
“I would not be surprised to see a short-term flush if stocks were to roll over and make a higher low somewhere. Considering most stocks moved 30% to 50% in a single month, this wouldn’t be that crazy either.”
ETF Flows and Corporate Treasury Moves Provide a Cushion
During the last impulse, billion-dollar spot ETF inflows arrived in tandem with a string of corporate announcements to add Bitcoin to cash reserves.
That blend of structural and discretionary demand helped soak up nearly all visible sell liquidity above $100,000, giving bulls confidence that any dip should find buyers quickly.
Outlook
If the flag resolves upward, chart targets near $120,000 emerge by projecting the prior leg higher.
Conversely, a decisive break below $90,000 could turn the structure into a failed pattern and open the way to the mid-$80,000s, a zone that coincides with the rising 100-day moving average.
For now, traders appear content to wait for a catalyst, whether that comes from U.S. macro data, the next round of ETF statistics, or another corporate treasury headline.