Bitcoin (BTC) has been stuck in a tight range for the past few months, struggling to stay above $30,000 for a long time. At the beginning of the year, its price almost doubled, but then it couldn't keep going up and fell back down each time it tried.

Since April, every time Bitcoin tried to go above $30,000, it suddenly went back down. The biggest drop happened on July 13 when a court ruled in favor of XRP in a case against Ripple, the company that sells XRP. Bitcoin went above $31,800 but quickly fell below $29,000 in just a few days.

This week, Bitcoin went up to over $30,100 but then went back down to around $29,400 before news reports of the rally were released. But don't worry, each time the price fell below $29,000, it quickly went back up again.

A recent report from Glassnodes compares the current stability of Bitcoin with similar situations in the past. It looks at the price performance since the all-time high (ATH) indicator to see if Bitcoin is in a stable phase or if there is a risk of sudden price changes.

The report shows that since May 2021, there has been a bear market sentiment forming, and many indicators are showing signs of a bearish trend. So the rally in the second half of 2021 is unusual and doesn't really mean Bitcoin is in a bull market. This might be because of the US government's stimulus plan during the pandemic.