Bitcoin's recent price rally towards $112,000 from April's lows is experiencing a slowdown, but traders maintain optimism for further gains in 2025. Analysts emphasize the need for a recovery in spot and onchain transfer volumes along with flipping the $108,000-$110,000 resistance into support to catalyze a breakout. The market currently shows cooling momentum, with the market value realized value (MVRV) ratio declining, suggesting a late-stage bull cycle rather than an impending downturn. Falling onchain transfer volume and lower spot trading activity highlight challenges to sustained investor engagement. Analysts assert that an increase in spot volume is crucial for future price increases, with a significant technical push necessary to break past $109,000 for higher price targets. Overall, a revival in trading activity and demand metrics is essential to boost Bitcoin's chances of reaching new highs soon.

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