Analysis: Bitcoin price may enter a 'long-term consolidation' phase According to Cointelegraph, analysts such as Glassnode have pointed out that the current price structure of Bitcoin is fragile and may face long-term consolidation. The price of Bitcoin is currently limited to a wide range between the short-term holder cost base of $98400 and the real market average of $81100. If key support levels cannot be effectively recovered, the market may experience a long-term consolidation pattern similar to the first quarter of 2022. On chain data shows that there is a dense supply area above $100000, which constitutes a continuous source of selling pressure and may limit price breakthroughs at the $98400 and $100000 levels. The risk indicator has risen to 21, approaching high-risk areas, indicating that the current high-risk macro environment may continue. Meanwhile, spot Bitcoin ETFs have experienced net outflows for three consecutive days, with a single day outflow of $708.7 million on Wednesday, the largest in two months and the fifth largest outflow since its launch in January 2024. Analysis indicates that this reflects the institution's large-scale risk reduction efforts. If the support level of $84000 falls, the price may further decline.