Bitcoin (BTC) is currently moving within a descending channel a persistent bearish structure that began on May 22, when it hit a high of $112,000. After reaching this level, the price fell about 10% to around $100,000.

It then made a lower high at $110,000 on June 10, which was followed by a roughly 10% correction, taking it slightly below $100,000 during market reactions tied to the U.S.-Iran conflict.

As of June 30, bitcoin reached around $109,000 before pulling back about 3%, but has since recovered to nearly $108,000. The recent dips appear to be getting shallower.

During the latest dip, there was a CME futures gap around $106,000, which was “filled” as bitcoin dropped to around $105,000. A CME gap occurs when the Chicago Mercantile Exchange closes for the weekend or overnight and bitcoin’s price moves significantly during that time, leaving a price range on the CME chart where no trading took place, which markets often tend to revisit to “fill” the gap.

According to Glassnode data, bitcoin’s pullbacks remain relatively shallow and the price is still trading above its 1-month realized price, which represents the average price investors paid over the past 30 days.

In the past 24 hours, investors have an average cost basis of $105,600, while the one-week group sits at $106,300. These short-term holder cohorts are still in profit, which supports market momentum, although continued profit-taking could make it more challenging for bitcoin to reach new all-time highs.

Read more: Bitcoin CME Futures Premium Slides, Suggests Waning Institutional Appetite

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