Despite Bitcoin's sideways trading, the market remains largely profitable, with Short-Term Holders (STHs) bearing most losses. Aggregate investor profitability is robust, with the average coin holding a 2x profit multiple. The average coin in profit holds an unrealized gain of +$41.3k, while the average coin in loss holds an unrealized loss of -$5.3k.

Bitcoin prices have been consolidating within a $60k to $70k range since the March All-Time High (ATH), leading to widespread market indecision. The market is currently in the 'Enthusiastic' bull regime, with brief excursions into the 'Euphoric' zone.

Key pricing levels for the market to remain above for the macro bull market to continue are identified as $58k to $60k. Significant unrealized profit signals a potentially overheated market at $92k, while significant unrealized loss signals a potentially oversold market at $50k.

Volatility continues to compress across multiple time-frames, suggesting the current trading range is in the later stages of developing towards the next range expansion. The Sell-Side Risk Ratio and 60-day price range have fallen towards historic lows, indicating heightened volatility expectations in the near future.