Over the past two weeks, Bitcoin has managed to stabilize in the $19k–$21k range. At the same time, there is a serious price consolidation in this range, due to which the bears' attempt to break through the $19k line turned out to be a failure. The nature of the protection of the lower border of the range indicates the activation of the buying audience and the willingness of investors to move the price up to the key resistance level at $21k.

The price success is supported by the start of active accumulation of Bitcoin by all groups of addresses. The overall accumulation rate exceeded the figures of 60,460 BTC per month. In other words, every month the market absorbs about 0.32% of the total Bitcoin volumes. The last record was set in 2017, when the rate of consumed BTC coins reached 52,000. It is important to focus in more detail on the whales, which have accumulated almost 9 million coins over the past month, which is the second largest figure in the last 5 years. All these factors indirectly indicate a gradually growing demand for the first cryptocurrency.

On the technical side, it is important to note several potential targets. With limited liquidity, players need to seize every opportunity to get additional fuel to further exploit the wide range of $20k–$30k. The $21.5k–$22k area has a large number of liquidations, which could prevent a stronger upside momentum going forward.

However, the attempt to reach the final range in the current position of Bitcoin is hampered by a serious resistance level at around $20.2k. The asset once again reached this area, but could not break through it impulsively, which may indicate another pullback to the lower border of the area around $19k. In other words, the bears failed to materialize the downside scenario thanks to the solid defense of $19k. Subsequently, the price of BTC on growing volumes resumed its impulse movement to the level of $20.2k, but the sellers did not let the quotes go further.

Uptrends are not successful at the current stage, as the market experienced a massive sell-off in June. Giant volumes of BTC coins put pressure on the price of the cryptocurrency, which negatively affects its upward potential. Accumulation rates do not allow the digital coin to realize the necessary impulse signals. Beyond that, the market remains in an area of extreme fear. Despite the start of active accumulation, not all investors participate in the purchase. The recent influx of capital into short BTC products also speaks to the market's bearish intentions.

The number of unique addresses also remains at 850,000, and daily trading volumes exceed the $35 billion mark only with increased volatility. In other words, investors are not sure about the formation of a local bottom and expect Bitcoin to fall below $19k again. However, this process requires a fundamental trigger, and therefore this process can take months.

As of July 6, there are no prerequisites for a serious upward movement or a breakdown of the $19k level. Sellers and buyers do not have the necessary volumes to achieve their targets. Therefore, most likely, we should expect a flat movement with local outbreaks of volatility and spikes in important levels. At the same time, technical indicators are increasingly pointing to the formation of local upward impulses, which confirms the growth of buying sentiment. However, as you can see on the BTC/USD chart, these patterns are volatile and impulsive, and stability of buying volumes is necessary for full growth.