The report cited spot volume declines and a weaker appetite for futures as signs that the rally from April 9’s $74,634 low has stalled. Exchange data showed $58.6 million in long liquidations and $65.2 million in short liquidations within 24 hours, flushing out leverage on both sides.
Open interest in perp and dated contracts dropped 7.2% to 334,000 BTC, indicating forced position cuts and a cleaner derivatives landscape.
The report noted that June corresponds with the close of a historically strong second quarter, with the average return in this period since 2013 standing at nearly 27%. Meanwhile, the third quarter averages only 6%, often with tighter ranges.
Support between $94,000 and $99,000 is still attracting bids, bolstered by the short-term holder’s realized price, which is now nearing $98,779.
Traders stepped in when the spot price dipped to $98,579 on June 22, lifting the pair to $108,250 after geopolitical tensions eased.
The report framed the current structure as a “waiting game” in which bulls and bears balance out until fresh demand arrives, most likely from exchange-traded fund flows during US trading hours.
Søndergaard tracks liquidation heat maps and institutional wallet signals to gauge whether large buyers accumulate or stand aside.
Bitfinex Alpha echoed that view, stating that exchange-traded fund (ETF) inflows must accelerate and global liquidity must expand before Bitcoin can clear the upper band of its two-month range.
Still, the report saw no imminent breakdown as long as key support levels hold and structural positioning remains constructive.
