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According to Glassnode’s latest analysis, Bitcoin remains below the $64,000 mark, reflecting uncertainty in a slow-moving market.
Bitcoin’s Stagnant Price Range
Bitcoin’s price has been fluctuating between $60,000 and $64,000, indicating a market grappling with indecision as investors await decisive movements. Analysts at blockchain research firm Glassnode noted that despite the uncertainty, the majority of the market remains profitable, primarily due to long-term holders.
“As BTC prices sold off down into the $60k region, a degree of fear and bearish sentiment could be discerned amongst many digital asset investors. Nevertheless, from the lens of MVRV Ratio, aggregate investor profitability remains robust, with the average coin still holding a 2x profit multiple.”
Critical Range and Investor Sensitivity
The analysts highlight that the range between $58,000 to $60,000 remains critical for Bitcoin. Breaching this range could put a significant number of short-term holders at a loss and trade below the 200DMA price level.
“Overall, this indicates a risk that many investors may be sensitive to any price drops below $60k.”
Investor Sentiment and Market Monitoring
While Bitcoin navigates this period of uncertainty, Glassnode advises investors to monitor the market closely. Movements around key levels like $64,000 could determine the next range expansion. Until then, a degree of investor apathy and boredom has taken hold, leading to widespread indecision.
Historical Data and Future Outlook
Despite the lack of positive trading activity, Bitcoin’s historical data suggests that July might be a positive month for BTC holders. In previous years, an average Bitcoin increase of almost 8% in July followed a red candle close in June. BTC shed value on six occasions in June between 2013 and 2024, but the asset boomed by at least 9.6% in July during these six years.
As of now, Bitcoin is trading at $60,427.
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