Summary
- Bitcoin has traded between $60,000 and $70,000 for 307 days, making it the third-longest consolidation period on record.
- The longest previous consolidation came during the 2018 bear market in the $10,000 to $20,000 range, while the second-longest came during the 2022 bear market in the $20,000 to $30,000 range.
- Glassnode said the next price move remains uncertain, but the prolonged consolidation has created the largest cluster of cost-basis levels in Bitcoin's history.
Forecast Trend Report by Period
Bitcoin has entered its third-longest price consolidation on record.
CoinDesk reported on July 10 that Glassnode said in a report Bitcoin was trading at about $64,000 and had spent 307 days in the $60,000 to $70,000 range. That makes it the third-longest sideways stretch in the cryptocurrency's history.
The longest such period came during the 2018 bear market, when Bitcoin traded between $10,000 and $20,000. The second-longest came during the 2022 bear market, when it remained in the $20,000 to $30,000 range.
Glassnode said it remains unclear whether Bitcoin's next move will be higher or lower. The extended consolidation, however, has created the largest cluster of cost-basis levels in Bitcoin's history.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.