While Bitcoin (BTC) trades less than 5% below its all-time high (ATH) of $111,814, recorded in May 2025, there are currently no signs of market overheating. On the contrary, the BTC market appears to be cooling, suggesting further price appreciation could be on the horizon for the leading cryptocurrency.
Bitcoin Bubble Chart Signals More Room For Growth
According to a recent CryptoQuant Quicktake post by contributor Crypto Dan, Bitcoin’s bubble chart indicates the market is currently in a cooling phase, with no signs of entering overheated territory.
For the uninitiated, the Bitcoin bubble chart visualizes market conditions using trading volume data, where the size of each bubble represents total exchange volume and the color indicates the rate of volume change. It helps identify market phases – such as cooling, neutral, heating, or overheating – by showing whether volume is increasing, decreasing, or remaining steady.
As shown in the chart below, Bitcoin remains in a cooling phase despite being within close range of its ATH. Historically, BTC tends to show signs of overheating when nearing all-time highs, but that’s not the case this time around.
BTC has been in this cooling phase since its April 2025 bottom of $74,508. Since then, the price has climbed more than 20%, yet the market shows no signs of a speculative peak. This divergence suggests there may still be room for further upside in the near term.
However, breaking past the ATH will likely require favorable macroeconomic conditions – such as interest rate cuts or easing regulatory pressures. The analyst added:
The market has already established a stable foundation. Thus, a strategy of patience, keeping an eye on major market events, and waiting for opportunities seems promising.
Meanwhile, prominent crypto analyst Titan of Crypto shared the following chart, noting that BTC continues to follow a bullish inverse head and shoulders pattern on the monthly timeframe, eyeing a potential breakout to $125,000.
To explain, the inverse head & shoulders pattern is a bullish chart formation that signals a potential reversal from a downtrend to an uptrend. It consists of three troughs – a lower low called “the head” between two higher lows called “the shoulders”, with a breakout typically occurring when the price crosses above the “neckline” resistance.
BTC May Struggle With Weak Demand
Despite promising technical signals, some on-chain data metrics raise caution. For example, BTC’s apparent demand has been declining steadily since May 2025, suggesting that buyer interest may be weakening.
Likewise, the Bitcoin MVRV Ratio is beginning to show signs of bull market fatigue. A flattening MVRV slope can often indicate a slowdown in momentum and caution among investors. At press time, BTC trades at $107,175, down 0.1% in the past 24 hours.
