Bitcoin trades around $107,600, reflecting a 0.7% decline over 24 hours and a 4.8% drop over the past week, data show. The cryptocurrency has struggled to regain momentum after briefly surpassing $112,000. Analysts remain divided on whether Bitcoin will rebound or face deeper correction, with on-chain metrics presenting mixed signals.

Matt Hougan, chief investment officer at Bitwise, has compared gold's 57% surge in 2025 to bitcoin's current consolidation phase. He suggests bitcoin may follow a similar breakout pattern once its remaining seller base is depleted, mirroring gold's trajectory after sustained central bank purchases exhausted price-sensitive sellers. Since January 2024, institutional channels and corporations have acquired roughly 1.39 million BTC through spot ETFs and direct purchases, creating a supply-demand imbalance that Hougan believes could drive a breakout.

Addresses holding 100-1,000 BTC have increased their holdings in recent periods, replicating accumulation patterns seen before the 2017 and 2021 bull markets, according to Alphractal. Liquidation data shows the highest concentration of open liquidations has shifted to short positions, while Bitcoin traded near $108,292 with technical indicators signaling oversold conditions. The trend reflects long-term conviction among mid-tier holders contrasted with short-term uncertainty driven by derivatives positioning.