bitcoin trading around $64,000, marking 307 days within the range of $60,000 to $70,000.
The consolidation range is now the third-longest period spent in any $10,000 price band in bitcoin history, trailing 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, extended moves below this level have been short-lived, making it a closely watched long-term trend indicator.
Despite holding near $64,000, bitcoin remains approximately 50% below its all-time high reached in October.
Onchain data also points to an important support zone. Glassnode’s entity-adjusted realized UTXO price distribution, which tracks the price at which bitcoin last changed hands between economic entities, shows that around 6% of the circulating supply sits between $58,000 and $64,000.
It remains uncertain whether this range will ultimately resolve up or down, but prolonged sideways trading has established one of bitcoin’s largest cost basis pools to date.
