Bitcoin Trades Third-Longest Consolidation Period on Record

Bitcoin has entered its third-longest price consolidation on record, trading between $60,000 and $70,000 for 307 days. According to Glassnode, this makes it the third-longest sideways stretch in the cryptocurrency's history.

The longest previous consolidation 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 notes that the extended consolidation has created the largest cluster of cost-basis levels in Bitcoin's history, but remains unclear about whether Bitcoin's next move will be higher or lower.