The Bitcoin price has surged towards the $80,000 mark in recent weeks, signaling a continued rebound from the bear market lows seen in the first quarter of 2026. However, the leading cryptocurrency no longer seems to have any bullish momentum to support the current recovery as it hovers around a psychological price level. Interestingly, the latest on-chain data shows that Bitcoin price could form a consolidation range around $80,000.
Weak Coinbase Demand, Zero Binance Selling Pressure Forms ‘Equilibrium of Apathy’: Analyst
In a May 15 post on social media platform X, market analyst CryptoOnchain said revealed that a “Low-Velocity Consolidation” scheme appears to be forming in the current Bitcoin price structure. This evaluation is based on a coincidence of three signals in the chain in recent weeks.
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First, CryptoOnchain shared that the Network Value to Transaction metric has been on an upward trend in recent weeks. This indicator measures the relationship between the market capitalization of a cryptocurrency (in this case Bitcoin) and transaction volume, providing insight into whether an asset is over or undervalued.
When this metric is high (as it is currently), it means that Bitcoin price growth is no longer supported by actual network activity (or increasing transaction value). Therefore, a further increase in the price of BTC, especially in the short term, may not be feasible.
CryptoOnchain noted that at the same time there has been a significant drought in Bitcoin supply on Binance, the world’s largest cryptocurrency exchange by trading volume. The analyst stated that the Binance Inflow CDD metric has fallen 99.5% since April, with long-term Bitcoin holders reluctant to sell their assets.
The third metric highlighted by CryptoOnchain is the Coinbase Premium, which measures demand from institutional investors in the United States. According to data from CryptoQuant, there appears to be some apathy among US investors as Coinbase Premium has remained largely negative in recent weeks.
CryptoOnchain explained that this combination of weak demand and zero selling pressure from two of the largest exchanges creates an “equilibrium of apathy.” These illiquid conditions, exacerbated by Binance’s low leverage, are often precursors to a squeeze on volatility, the on-chain expert concluded.
Could This Volatility Squeeze Cause Bitcoin’s Next Price Move?
For context, a volatility crisis is a technical analysis pattern (represented by contracting Bollinger Bands) that indicates a period of consolidation. What’s interesting is that this technical pattern has historically preceded significant price breakouts.
So, from an optimistic perspective, the current period of inactivity in the Bitcoin price could simply be the ‘calm before the storm’. At the time of writing, the price of BTC is just above $79,000, reflecting a drop of almost 3% in the past day.
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Featured image from iStock, chart from TradingView