Bitcoin is trading around $64,000, marking 307 days in the $60,000-$70,000 range.
The consolidation range is now the third longest period spent in a $10,000 price range in Bitcoin history, behind only the $10,000-$20,000 and $20,000-$30,000 ranges during the 2018 and 2022 bear markets 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 indicator of the long-term trend.
Despite holding nearly $64,000, bitcoin remains about 50% below its all-time high reached in October.
Onchain data also indicates 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 approximately 6% of the circulating supply is between $58,000 and $64,000.
It remains uncertain whether this range will eventually reach a higher or lower value, but the extended sideways trading has established one of Bitcoin’s largest cost base clusters to date.
