Bitcoin Consolidates Near Key Support as Fresh Investor Demand Grows

I believe that Bitcoin's rising new investor dominance, which is now at 30%, signals a healthy influx of fresh liquidity into the crypto market. This gradual increase, combined with the fact that old holders are still actively distributing coins in moderation, indicates the market is in a stable late bull phase. The fact that the dominance is far below the overheated 60-70% range seen during previous euphoric peaks suggests there's still room for bullish momentum before overbought conditions set in. Currently, Bitcoin trades within a narrow consolidation range between approximately $115,700 and $122,100, maintaining above key moving averages. This sideways movement over two weeks reflects an indecision that often precedes larger directional movements in crypto assets. Given the technical setup, a strong breakout above resistance could propel Bitcoin to new highs, while a break below support might result in a retest of lower moving averages, potentially signaling a correction. Overall, the sustained demand from new investors, combined with the stable price consolidation and bullish underlying trend, supports a bullish outlook in the near term. However, traders should remain cautious and watch for a decisive breakout or breakdown to confirm the next significant move in Bitcoin's price trajectory.