CEX Report: Bitcoin May Continue to Consolidate in the $60,000-$69,000 "Accumulation" Range

On February 24, CEX Alpha released a report stating that Bitcoin remains confined within a range. The previous correction on February 5 was the deepest in this cycle. Volatility has narrowed, and momentum has weakened, indicating that the market is shifting from a liquidation-driven decline to a more balanced environment. On-chain data shows that most recent declines have been absorbed by the demand zone between $60,000 and $69,000. Holders in this zone are currently near breakeven and largely avoiding accelerated selling, helping to stabilize prices and leading to sideways trading. Bitcoin ETFs recorded approximately $166 million in net outflows last week, and Ethereum products also continued to see redemptions, indicating that institutional accumulation has not yet resumed. Although weekend inflows provided initial signs of stability, overall liquidity remains subdued. The realized profit and loss ratio continues to shrink, approaching historical defensive levels, suggesting limited capital expansion in the network. Meanwhile, derivatives positions have returned to normal, with funding rates at neutral or slightly negative levels, reducing liquidation risk but also limiting rapid price increases. For a sustained breakout, the market needs a significant rebound in spot demand and stronger institutional participation; until then, Bitcoin is likely to continue consolidating within its current absorption zone.