On June 3, the price of Bitcoin (BTC) continued to fall, trading 20% ​​below its all-time high of $73.835. The current market situation reflects "apathy and boredom," but blockchain metrics hint at a "big move" in the near future, according to a report from Glassnode. 😔

Despite the price falling below $60,000 three times in the past ten days, the MVRV index shows that a significant portion of Bitcoin investors are still in the black.

Glassnode explains that Bitcoin's accumulation in the $60,000 to $70,000 range since March has led to uncertainty in the market and a lack of a clear trend in either direction.

According to analysts, if the Bitcoin price fails to hold above $60,000, it will quickly fall to lower support levels, possibly to $50,000.

After several months of price fluctuations, Glassnode analysts note a decrease in volatility. This usually heralds a significant market move, either up or down.

In general, the current trading range is in the "late stages of development toward the next range extension."