The cryptocurrency market is in a state of fragile equilibrium, with Bitcoin BTC/USD trading around the $112,500 level.

This stabilization is being closely monitored by analysts, who see it as a critical juncture that will determine if the market can transition from its current holding pattern to a potential fourth-quarter rally.

What Happened: While historical data points to a bullish seasonal trend, near-term risks, primarily tied to U.S. macroeconomic policy, could define the market’s trajectory through the end of September.

According to a Glassnode report, the past week saw a fragile recovery in momentum, with reduced sell pressure and a modest pickup in on-chain participation.

Benzinga