The past few days have seen Bitcoin stagnate into a tight range between $9,300 and $9,500. This is part of a wider two-month consolidation that has seen BTC’s price action tighten under the crucial $10,000 resistance.

The cryptocurrency market has been so “boring” that as NewsBTC reported previously, volatility is heading towards lows not seen since the start of the year.

There is evidence, however, starting to show that a breakout is imminent. And the evidence suggests that it will be a breakout in the downward direction.

Bitcoin On-Chain Metrics Are “Dire” — And That’s Not Good for BTC’s Price

Prices may be holding up rather well, but Bitcoin’s on-chain stats are purportedly “dire.” The founder of blockchain data firm BlockTree Charlie Morris reported on June 14th that a number of statistics for the leading cryptocurrency are all trending lower, suggesting a price drop to the $7,000s:

“1-week network velocity down to 454%, 5-wk 556%. Tx value down, av tx size down, fees down, MRI shot to pieces. Why the lack of interest? Can’t see price holding up. Fair value