BTC Price Stalls at $104K with Inflation Drop and Low Volume

• Bitcoin is trading near $104K as the price remains locked in a repeated sideways range.
• Daily volume dropped over 11 percent, showing traders are less active than usual.
• The BTC inflation rate has dropped to 0.143 percent as the price diverges from the S&P 500.

Bitcoin is moving sideways again, holding around $104,929 with a mild 0.20% gain. Analyst “The Crypto Professor” shared a chart on X showing BTC forming a rectangular pattern between $103,450 and $105,400 on the 1-hour chart. This setup resembles the consolidation seen between June 13 and 15, just before a significant price jump.

The current structure, built since June 17, also follows a drop from $107,300. As before, BTC is stuck in a narrow range, bouncing off both support and resistance without breaking either side. The lack of a breakout reflects a pause in market momentum, leaving traders unsure of the next direction.

Due to low volumes, candles appear to form tightly packed, indicating low volatility. If BTC spikes past $105,400, targets are expected to be around $106,400 and $107,200. A drop below $103,450 could trigger a deeper decline toward $101,650, with a potential extension to $100,530. For now, Bitcoin is in a waiting zone. As the analyst put it, “Bitcoin is in a wait-and-see moment.” Traders are holding their breath for the next move.

Price Holds Steady as Volume Falls

At press time, BTC is trading at $104,747.93, representing a 0.38% decline over the past day, according to CoinMarketCap.Its trading volume dropped by 11.29% to $47.06 billion and has a market cap of $2.08 trillion, while the fully diluted valuation hovers around $2.19 trillion.

The price briefly touched $105,450 before slipping multiple times. Strong rejections near $105,000 and weak recoveries around $104,300 highlight the market’s indecision. Meanwhile, BTC’s volume-to-market cap ratio is just 2.26%, suggesting liquidity is drying up. The circulating supply is at 19.88 million BTC, with a total capped supply of 21 million, leaving little room for inflation. This consolidation phase suggests BTC is building momentum for a potential breakout. The support at $103,450 and the resistance around $105,400 are two key levels to watch.

Related: Metaplanet Buys 1,112 BTC as Holdings Reach 10,000 BTC Total

On-Chain Metrics Point to Macro Shift

Looking at the data from Santiment adds another layer of insight. BTC has now diverged from the S&P 500 for almost two months, with the correlation reading dropping to nearly 0.009039. Simultaneously, Bitcoin’s annual inflation rate has plunged to 0.143%, marking the lowest level in recent months.

The drop in inflation and the market decoupling suggest potential strength building within the crypto market. While the price remains coiled in a range, these metrics point to a possible sharp move ahead.

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