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, 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.
UPDATE (July 10, 11:20 UTC): Amends hed from “Bitcoin’s $60,000-$70,000 range becomes third longest consolidation in history”
Source: Original Article
