Bitcoin Trades in Descending Channel as Dips Grow Shallower

Bitcoin (BTC) continues to trade within a descending channel—a bearish technical pattern that has held since May 22, when the price peaked at $112,000. Since then, BTC has experienced a series of lower highs and moderate corrections, but recent price action shows signs of resilience.

Following the May high, Bitcoin pulled back roughly 10% to the $100,000 level. A subsequent attempt to rally took BTC to $110,000 on June 10, but that move was met with another 10% correction, dipping slightly below $100,000 amid geopolitical tensions involving the U.S. and Iran.

Most recently, Bitcoin climbed to around $109,000 on June 30 before slipping 3%. However, the latest retracement was less severe than earlier pullbacks, with the price rebounding to nearly $108,000—suggesting that selling pressure may be weakening.

During this correction, BTC also “filled” a CME futures gap near $106,000, briefly dipping to about $105,000. These gaps form when the Chicago Mercantile Exchange (CME) is closed and Bitcoin’s spot price moves significantly, leaving a gap in the futures chart that traders often expect the market to revisit.

On-chain metrics from Glassnode show that BTC’s recent declines have remained relatively shallow. Notably, Bitcoin continues to trade above its one-month realized price—the average price paid by investors over the past 30 days—indicating broad market confidence.

As of the latest data, the average cost basis for holders over the past 24 hours stands at $105,600, while the one-week average sits at $106,300. These short-term investor groups remain in profit, which helps sustain momentum. Still, persistent profit-taking may limit Bitcoin’s ability to break above previous highs in the near term.