Key facts
- Bitcoin has been consolidating in the $60,000-$70,000 range for 307 days.
- This marks the third longest consolidation in any $10,000 price band in Bitcoin's history.
- Roughly 6% of Bitcoin's circulating supply last changed hands between $58,000 and $64,000.
- Bitcoin is currently trading above its 200-week moving average of approximately $62,873.
Bitcoin has entered its third longest consolidation period in history, trading within the $60,000 to $70,000 range for 307 days. This extended sideways movement has established a significant on-chain cost basis cluster, with approximately 6% of the circulating supply having last transacted between $58,000 and $64,000, potentially offering support near current price levels. The cryptocurrency is currently trading around $64,000, remaining above its 200-week moving average, which stands at approximately $62,873. Historically, prolonged periods below this moving average have been short-lived, indicating its importance as a long-term trend indicator. Despite the current consolidation, Bitcoin is still about 50% below its all-time high reached in October.