Bitcoin struggles to break above $109K due to low volume and lack of momentum.

From Cointelegraph
June 27, 2025 7:43 PM:

Bitcoin (BTC) faces consolidation within a descending channel as onchain activity weakens, indicating a lack of momentum. Core inflation data at 2.7% reduces the likelihood of Fed rate cuts, maintaining pressure on Bitcoin and risk assets. $28.6 million in long positions and $25.2 million in shorts were liquidated, leading to a dual-sided flush in the derivatives market. BTC-denominated open interest dropped by ~7%, signaling a temporary clearing of speculative leverage. Bitcoin remains in the $100,000–$110,000 range, with onchain activity cooling and user participation subdued, suggesting a consolidation phase. Bitcoin’s failure to sweep external liquidity near $109,000 led to a gradual grind lower within a descending channel, with potential for a bounce in the $103,400–$104,600 range. Despite positive chatter about a potential interest rate cut, rising inflation data indicates the Fed is likely to maintain its rate pause, keeping financial conditions tight and unfavorable for risk assets like Bitcoin. Glassnode data shows a minor $7.7 billion increase in spot volume during Q2, with a 36% drop in transfer volume earlier in the quarter, indicating a lack of speculative urgency.

Read more at Cointelegraph: Bitcoin Fades Below $109K As Bulls Fail To Bring Volume