Bitcoin Market Shows Long-Term Consolidation Phase Similar To 2019-2020 Period

According to PANews, on-chain analysis firm Glassnode has highlighted that the Bitcoin market is currently in a prolonged consolidation phase, reminiscent of the period from late 2019 to early 2020. Since reaching a historic high in March, the inflow of capital into the Bitcoin network has slowed, posing challenges for the profitability of short-term holders. However, despite experiencing local net capital outflows, new investors continue to show strong confidence in the market. In recent weeks, there has also been a noticeable, albeit moderate, increase in bullish sentiment within the perpetual futures market.