The leading cryptocurrency, Bitcoin, has been trading within a narrow range since February, struggling to break out of consolidation due to weakening activity on the Bitcoin network. On-chain data shows a decline in daily active wallet addresses and a decrease in the number of Unspent Transaction Outputs (UTXOs), indicating reduced user demand and transaction activity. This could lead to downward price pressure and potentially a prolonged consolidation phase. However, other indicators still suggest a bullish outlook for Bitcoin. Currently, BTC is near the support line of its horizontal channel at $95,527, but if network activity continues to decline, the price could drop to $92,325. On the other hand, if buying pressure increases, Bitcoin could rally towards resistance at $99,031 and potentially reach $102,665.



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