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 the price of Bitcoin.
• The MVRV Z-Score indicator is significantly below the peak levels in previous bull cycles.
• There is a rapid expansion of global liquidity ( money aggregate M2).

The breakthrough of the psychological level of $100,000 has attracted the interest of "new" Bitcoin buyers, while experienced traders are exercising 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," experts 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" remains at 100 throughout the week, indicating strong 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 predominance of emotions rather than a measured assessment of the situation.

CryptoQuant analysts noted the continued growth of realized capitalization, which confirms the upward trend in Bitcoin.

Data: CryptoQuant. An increasing number of 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 during the 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 continuation of the rapid expansion of global liquidity.

Data: Bitcoin Magazine.

Attention: whales and sharks!

According to Santiment, over the last 30 days, wallets holding balances from 10 to 10,000 BTC have additionally acquired 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 has allowed the service analysts 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 forecasted its quotes to rise to $120,000 in the IV quarter.

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