Bitcoin's $60,000-$70,000 range becomes third longest consolidation in history

CoinDesk Analysis Team CoinDesk

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.

Author

CoinDesk Analysis Team

CoinDesk

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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