Bitcoin Market Shows Long-Term Consolidation Phase Similar to 2019-2020

Bitcoin’s prolonged consolidation mirrors the 2019-2020 period, suggesting a potential accumulation phase with long-term bullish sentiment.

According to PANews, on-chain analyst firm Glassnode highlighted that the Bitcoin market is currently in a prolonged consolidation phase, reminiscent of the period from late 2019 to early 2020. Since hitting a record high in March, capital flows into the Bitcoin network have slowed, posing challenges to the profitability of short-term holders. However, despite experiencing local net capital outflows, new investors continue to show strong confidence in the market. In recent weeks, there has also been a notable, albeit moderate, increase in bullish sentiment within the perpetual futures market.$BTC