Bitcoin Fails to Break New Record High
Bitcoin (BTC) price has not managed to break its all-time high (ATH) despite touching the US$110,000 level in May 2025.
According to a report from Coinvestasi, Bitcoin’s price movement is still hampered by a number of technical and fundamental factors that influence the dynamics of the crypto market.
Here we will review three main reasons why Bitcoin has not been able to record a new price record and provide an overview of current market conditions, which we quote from the media.
Factors Inhibiting Bitcoin’s Increase
The recent decline in Bitcoin’s price performance has been influenced by a number of interrelated factors, creating significant challenges for the increase in the value of this crypto asset.
From the side of declining market liquidity, price patterns that show weakness, to minimal profit-taking activity, various indicators show strong obstacles for Bitcoin to reach a higher price level.
The following is a detailed explanation of the main factors that are inhibiting Bitcoin’s increase.
Decreased Market Liquidity
One of the main obstacles faced by Bitcoin is the decline in liquidity in the crypto market.
According to data from Glassnode, Bitcoin’s daily on-chain transfer volume has plummeted by 47%, from its peak to just US$5.2 billion.
In addition, the number of active addresses on the Bitcoin network has also decreased by 18%, from 950,000 in November 2024 to 780,000 in March 2025.
This condition was exacerbated by a 24% decrease in open interest (OI) in the Bitcoin futures market, from US$71.85 billion to US$54.65 billion.
The funding rate on perpetual futures contracts also showed a downward trend, indicating deleveraging in the market.
With shrinking liquidity, selling pressure cannot be absorbed by adequate buying demand, preventing Bitcoin from breaking through the US$110,000 level.
Challenging Price Pattern
Technically, Bitcoin’s price movement shows a lower high and lower low pattern on the one-hour time frame chart, indicating a weakening trend.
At the end of March 2025, Bitcoin tried to break through the psychological resistance level at US$90,000, but was only able to reach US$88,780 before weakening again to below US$87,000.
Technical analysis from Coinvestasi and TradingView shows that Bitcoin faces a tough challenge to retest the US$90,000 level in the near future.
This price pattern reflects the lack of strong bullish momentum, making investors more cautious in taking positions.
Lack of Profit-Taking Activity
The third factor that hinders the increase in Bitcoin’s price is the low profit-taking activity among investors.
According to The Week On-Chain report from Glassnode, only 2.5% of the total Bitcoin supply has moved.
Conclusion
The price of Bitcoin (BTC) has not been able to break through its all-time high record at US$110,000 because it is constrained by three main factors: decreasing market liquidity, a price pattern that shows weakness, and minimal profit-taking activity.
The decline in on-chain transfer volume, active addresses, and open interest in the futures market reflects weak liquidity, making it difficult to absorb selling pressure.
Technically, the lower high and lower low pattern on the price chart indicates a lack of bullish momentum, with the US$90,000 resistance level being a major challenge.
In addition, low profit-taking activity indicates investor caution, which also hampers price increases.
This condition reflects the complex dynamics of the crypto market, where technical and fundamental factors contribute to holding back Bitcoin’s progress towards a new record.
