BTC Slides Within a Downward Channel While CME Gap Gets Filled

Bitcoin Moves Within Downtrend Channel as Pullbacks Grow Milder

Bitcoin (BTC) continues to fluctuate inside a descending channel—a technical pattern signaling a bearish bias—that’s been in place since May 22, when the cryptocurrency reached a high of $112,000. Since then, BTC has been forming lower highs while undergoing moderate corrections, although recent price moves suggest the selling pressure might be easing.

After topping out in May, Bitcoin dropped roughly 10% to test the $100,000 level. It then rebounded to $110,000 on June 10 but faced another swift 10% sell-off, sliding just under $100,000 amid geopolitical concerns involving the U.S. and Iran.

In the most recent price action, Bitcoin rallied to approximately $109,000 on June 30 before slipping 3%. However, this decline was shallower than previous pullbacks, with prices recovering to nearly $108,000—hinting at weakening bearish momentum.

During the latest drop, BTC also closed a CME futures gap near $106,000, briefly touching lows around $105,000. Such gaps occur when Bitcoin’s spot price shifts during hours when the Chicago Mercantile Exchange (CME) is closed, creating untraded zones on futures charts that traders expect will eventually be revisited.

Glassnode’s on-chain data indicates that BTC’s recent corrections have been relatively limited. Bitcoin remains above its one-month realized price—the average cost at which investors acquired coins over the past 30 days—reflecting solid market confidence.

Currently, the average price paid by holders in the past 24 hours is $105,600, while the one-week average sits at $106,300. These short-term holders remain in profit, which helps support prices. Nonetheless, continued profit-taking could hinder Bitcoin’s chances of pushing back above prior highs in the short term.