Bitcoin is currently trading between $60,000 and $73,000, a phase that analytics platform CryptoQuant calls “the most frustrating part of the cycle.” According to a recent analysis by CryptoQuant contributor MorenoDV, the market is in a period of high uncertainty, with signals showing more hesitation than strong conviction.
Several on-chain metrics point to a psychologically challenging phase for investors: Apparent Demand, the CryptoQuant Bull Market Cycle Indicator, and the Long-Term Holder SOPR.
After the latest sell-off, Apparent Demand briefly recovered, suggesting some buyers were seizing the lower prices. However, this rebound quickly faded, turning negative again. Moreno noted the lack of sustained buying pressure, indicating that market participants remain cautious and are not aggressively accumulating Bitcoin at current levels.
The CryptoQuant Bull Market Cycle Indicator further supports this view, currently signaling a phase typically seen during bear market consolidation.
The analyst also pointed out that market behavior can affect the cost basis for different groups of holders. As short-term holders sell at a loss or become long-term holders, Bitcoin’s realized price can decline.
Finally, the Long-Term Holder SOPR metric has fallen below the key level of 1, showing that even experienced investors are starting to realize losses. Historically, this tends to happen in the later stages of bear markets, when prolonged uncertainty tests even the strongest belief in an asset’s value.
Bitcoin Tests the $72,000–$73,000 Resistance Zone
Despite geopolitical tensions, Bitcoin has shown resilience, outperforming gold and traditional stocks during the recent escalation between the US, Israel, and Iran. Crypto-related stocks have also benefited from the market’s ability to trade 24/7, unlike traditional markets bound by banking hours.
Gabe Selby, head of research at CF Benchmarks, told Fortune: “Crypto’s 24/7 structure is increasingly an edge for the asset class. When the Iran conflict escalated over the weekend, crypto-native markets were the only venue open for global risk trading—a structural advantage traditional markets cannot replicate.”
Bitcoin also saw a roughly 4% increase following comments from former President Donald Trump suggesting the conflict may be de-escalating.
As Bitcoin attempts to consolidate near $70,000, it is also testing the recent local high and resistance zone between $72,000 and $73,000, which it failed to break through last week.
Selby emphasized that a sustained close above this level, backed by significant trading volume, could shift the market narrative from a short squeeze to a genuine recovery in momentum.
Frequently Asked Questions
FAQs Bitcoins Most Frustrating Phase
BeginnerLevel Questions
1 What does most frustrating phase even mean for Bitcoin
It refers to a period where Bitcoins price moves sideways or within a tight range for an extended time often after a big rally This lack of clear direction can be frustrating for traders and investors waiting for the next big move
2 Why is this phase happening now
Analysts point to a slowdown in new capital flowing into Bitcoin from large investors and a general sense of uncertainty or waitandsee sentiment in the broader market after the recent price surge
3 Should I be worried about my Bitcoin investment during this time
Not necessarily These consolidation phases are a normal and healthy part of Bitcoins market cycles They allow the market to catch its breath and build a foundation before its next potential move
4 How long could this frustrating phase last
Theres no set timeline It could last weeks or even several months Historical patterns suggest these phases end when a new catalyst like a major regulatory decision or macroeconomic shift pushes the market in a clear direction
Advanced Strategic Questions
5 What specific metrics is CryptoQuant using to define this phase
Key metrics likely include low exchange inflows slowing growth in ETF purchases and onchain data showing reduced activity from new smaller investorsall signaling a potential lull in momentum
6 What are the potential scenarios for what happens next
Two main scenarios
Bullish Breakout Positive news or renewed institutional buying pushes the price above the current resistance level potentially starting a new upward trend
Bearish Correction If buying pressure dries up completely the price could fall to test lower support levels shaking out weaker hands before potentially recovering
7 As a holder whats the best strategy during this phase
The classic advice is HODL and avoid emotional trading This phase tests patience It can also be a good time to dollarcost average if you believe in the longterm thesis
8 Are there any opportunities in this phase for traders
Experienced traders might use rangebound trading strategies buying near identified support levels and selling near resistance