Bitcoin Enters Third-Longest Trading Range on Record at 307 Days

Bitcoin has entered its third-longest period of price consolidation on record.

CoinDesk reported on July 10 that Glassnode said in a report that 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 Bitcoin's history.

Bitcoin's longest consolidation period came during the 2018 bear market, when it traded between $10,000 and $20,000. The second-longest came during the 2022 bear market, when it stayed in the $20,000 to $30,000 range.

Glassnode said it remains unclear whether Bitcoin's next move will be higher or lower. The prolonged consolidation, however, has created the largest concentration of cost basis levels in Bitcoin's history.