Bitcoin Investors Enter HODL Mode: CEX Spot Volume Drops To 2020 Lows

Bitcoin is gearing up for a decisive move as price action tightens just below key resistance levels. Bulls are working to push BTC higher and confirm the continuation of the bullish phase, but the market remains cautious. While technical structure still favors the upside, growing macroeconomic uncertainty is casting a shadow over sentiment. Inflation pressures, geopolitical tensions, and tightening global liquidity continue to shake investor confidence across risk assets, and crypto is no exception.

Adding to the mixed outlook, new data from CryptoQuant reveals that average spot trading volume on centralized exchanges has dropped to its lowest level since October 2020. This suggests that participants are sitting on the sidelines, with coins not being actively sold or moved on-chain.

For now, Bitcoin holds above key support and shows signs of strength. But without a surge in volume or a clear catalyst, the next move could be muted — or explosive. The coming days may prove pivotal in determining whether BTC breaks out or stalls once again.

Bitcoin Nears All-Time High As Market Braces for Decisive Move

Bitcoin is now just 6% away from its all-time high of $112,000, and all eyes are on whether bulls can push through this final barrier. After rallying over 50% from the April lows, BTC has entered a consolidation phase just below resistance — a setup that typically precedes a breakout or reversal. The coming move is likely to set the tone for the rest of the market, with momentum either expanding sharply or fading into deeper consolidation.

While the technicals remain strong, macroeconomic headwinds continue to weigh on sentiment. Rising tensions between the US and China, alongside persistently high bond yields, have introduced systemic risk that could spill over into crypto markets. Investors remain cautious, with many waiting for clarity before committing to new positions.

Top analyst Axel Adler shared a key insight from CryptoQuant data: average spot trading volume on centralized exchanges has dropped to its lowest level since October 2020. According to Adler, this suggests that market participants are not selling into strength, nor are they aggressively buying. Coins are being held tightly, with minimal movement on-chain or in spot markets.

This “HODL mode” points to growing long-term conviction among investors, but also reflects uncertainty. The lack of spot activity makes it harder for prices to break out decisively without fresh capital entering the market. Still, if Bitcoin can flip $112K into support, it could trigger a surge of momentum-driven buying.

BTC Approaches Key Resistance

Bitcoin is trading at $107,200 after gaining 1.33% on the day, continuing its rebound from the $103,600 support level. The daily chart shows BTC climbing steadily, reclaiming the 34-day EMA at $103,683 and holding well above the 50-day and 100-day SMAs, currently at $101,906 and $93,053, respectively. This clean reclaim of key moving averages is a bullish technical signal, showing that momentum is gradually shifting back in favor of the bulls.

Price is now approaching the $109,300 resistance level — the final barrier before retesting the all-time high near $112,000. This zone has acted as a ceiling since late May and is now the key level to watch. A daily close above $109,300 would likely trigger a breakout and send BTC into price discovery territory.

Volume remains relatively low compared to earlier surges, suggesting the move is driven more by steady spot demand than aggressive buying. However, the structure remains constructive, with higher lows forming since the early June bounce.

As long as Bitcoin holds above $103,600 and continues to push toward resistance, the broader trend remains intact. A rejection at $109,300, however, could send BTC back into consolidation. The next few sessions will be critical.

Featured image from Dall-E, chart from TradingView