Bitcoin seller exhaustion 'likely' as trader eyes $115K BTC price dip
Key points:
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Bitcoin market momentum slows after its all-time highs, but investors are not wasting time adjusting to rangebound conditions.
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Profitability has “cooled,” says Glassnode, but fresh gains are still possible.
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Traders are eyeing a liquidity build-up at $115,000 for a BTC price dip.
Bitcoin 
BTCUSD is in a “healthy yet fragile balance” as BTC price consolidation causes a drop in profits.
In its latest “Market Pulse” released Monday, onchain analytics firm Glassnode warned that fresh gains may not come soon.
Bitcoin toys with lengthier consolidation
Bitcoin is taking a reasonable pause after its surge to new all-time highs, but market shifts mean that another lengthy consolidation phase may result.
Glassnode reveals various signs that investors are now readjusting to range-bound BTC price behavior.
“Profitability metrics have started to cool. The percentage of supply in profit and unrealized profit both declined slightly but remain in euphoric territory,” it wrote.
Realized profit-to-loss ratio measures coins moving in profit and loss compared to their last transaction. Glassnode calls the metric’s drop from 3.9 to 2.6 “notable.”
“This reading hovers just above the high band of 2.7, indicating that realized profits still outweigh losses, though momentum has cooled,” it explained.
That reduction does not mean that bears are starting to gain the upper hand, however. Rather than terminating its march higher at $123,000, BTCUSD appears to be coiling, cementing new support.
The current consolidation may nonetheless copy previous cooling-off phases, turning from days to weeks or longer, Glassnode hints.
“Overall, market conditions reflect a healthy yet fragile balance,” it concluded.
Liquidity points to $115,000 retest
Bitcoin traders are considering where new local lows may come as a result of the bull run breather.
Analyzing exchange order-book liquidity, market participants have highlighted $115,000 as an increasingly tempting price magnet.
“The longer price keeps hovering around this area, the more positions will be building up on both sides. Those positions will be fuel for wherever this moves next,” popular trader Daan Crypto Trades told X followers in a post on Tuesday.
A separate post also gives weight to $118,000 as an important low-timeframe level thanks to trading volume.
As Cointelegraph reported, liquidity has played a key role in snap BTC price moves throughout Q2.
Daan Crypto Trades@DaanCryptoJul 22, 2025$BTC Pretty tight range considering this is trading near all time highs.
Keep an eye out for these local highs & lows for a potential liquidity sweep.
Most volume has been traded at this ~$118K area which is the mid range. You could watch that as a lower timeframe… pic.twitter.com/NvfUoHZ4dj
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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