Bitcoin's $60,000-$70,000 range becomes third longest consolidation in history
|Bitcoin is trading around $64,000, marking 307 days within the $60,000- $70,000 range.
The consolidation range is now the third longest period spent in any $10,000 price band in Bitcoin's history, behind only the $10,000-$20,000 and $20,000-$30,000 ranges during the bear markets of 2018 and 2022 respectively, according to Glassnode data.
From a technical perspective, bitcoin continues to trade above its 200-week moving average, currently around $62,873. Historically, prolonged moves below this level have been short-lived, making it a closely watched gauge of the long-term trend.
Despite holding near $64,000, Bitcoin remains roughly 50% below its all-time high reached in October.
Onchain data also points to a significant area of support. Glassnode's Entity Adjusted UTXO Realized Price Distribution, which tracks the price at which Bitcoin last changed hands between economic entities, shows that about 6% of the circulating supply sits between $58,000 and $64,000.
Whether this range ultimately resolves higher or lower remains uncertain, but the prolonged sideways trading has established one of bitcoin's largest cost-basis clusters to date.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.