Experts named the reasons for Bitcoin’s transition to consolidation after the test of $105,000

• The lack of activity from impulse traders has led to the consolidation of bitcoin’s price.
• The MVRV Z-Score indicator is significantly below peak levels in previous bull cycles.
• There is a rapid expansion of global liquidity ( monetary aggregate M2).

The突破 of the psychological level of $100,000 has sparked the interest of “new” Bitcoin buyers, while experienced traders exercise caution. This was noted by Glassnode.

$BTC Supply Mapping shows sustained strength in new demand. First-Time Buyers RSI has held at 100 all week. But Momentum Buyers remain weak (RSI ~11), and Profit Takers are rising. If fresh inflows slow, lack of follow-through could lead to consolidation: pic.twitter.com/Ghqynb296Y

— glassnode (@glassnode) May 12, 2025

“If the influx of new funds slows down, the lack of subsequent actions may lead to consolidation,” specialists warned.

The illustration provided earlier reflects the segmentation of various categories of investors based on their behavioral models.

The 30-day relative strength index of “pioneer buyers” has remained at 100 throughout the week, indicating high interest from these players.

The demand from impulse traders, in turn, remains weak — the corresponding indicator is at level 11.

CoinDesk emphasized that the high activity of “new” participants hints at retail FOMO — the dominance of emotions rather than a reasoned assessment of the situation.

CryptoQuant analysts noted a continued increase in realized capitalization, confirming the upward trend in Bitcoin.

Data: CryptoQuant. More and more market participants, including Strategy and other organizations, as well as clients of BTC-ETF issuers, are buying digital gold at higher prices, experts indicated.

Is there potential?

Bitcoin Magazine noted the absence of “overheating” of the first cryptocurrency at current levels.

Analysts referred to the MVRV Z-Score, which is currently at 2.55 — significantly lower than the levels around 7 recorded at peak moments of previous bull cycles.

Data: Bitcoin Magazine. Experts also reminded that the growth of the global money supply has historically been accompanied by the strengthening of digital gold. According to them, the latest data indicates a continued rapid expansion of global liquidity.

Data: Bitcoin Magazine.

Attention: whales and sharks!

According to Santiment, over the last 30 days, wallets with balances from 10 to 10,000 BTC have acquired an additional 83,105 BTC. The total supply on the side of retail investors holding less than 0.1 BTC has decreased by 387 BTC during this period.

🐳🦈 Bitcoin’s key whale & shark tier ( holding 10-10K BTC ) have now accumulated 83,105 more BTC in the past 30 days. Meanwhile, the smallest retail holders ( holding <0.1 BTC ) have dumped 387 BTC in the same time period.

For both tiers, these are significant movements relative to… pic.twitter.com/Xg5FmF57GQ

— Santiment (@santimentfeed) May 13, 2025

This disposition allowed analysts of the service to expect further price growth to $110,000, especially in the context of reducing uncertainty in the trading sphere between the USA and China.

Recall that Standard Chartered urged to buy the first cryptocurrency and predicted its quotes to rise to $120,000 in the IV quarter.

Earlier at K33 Research, bitcoin investors were urged not to fear May, citing expectations for the realization of a mass of catalysts triggered by initiatives from U.S. President Donald Trump.