Bitcoin trades above key technical support as 307 day consolidation nears historic record

Bitcoin BTC$64,359.32 is trading around $64,000, marking 307 days within the $60,000- $70,000 range.

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The consolidation range is now the third longest period spent in any $10,000 price band in bitcoin’s history, behind only the $10,000-$20,000 and $20,000-$30,000 ranges during the bear markets of 2018 and 2022 respectively, according to Glassnode data.

From a technical perspective, bitcoin continues to trade above its 200-week moving average, currently around $62,873. Historically, prolonged moves below this level have been short lived, making it a closely watched gauge of the long term trend.

Despite holding near $64,000, bitcoin remains roughly 50% below its all-time high reached in October.

Onchain data also points to a significant area of support. Glassnode’s Entity Adjusted UTXO Realized Price Distribution, which tracks the price at which bitcoin last changed hands between economic entities, shows that about 6% of the circulating supply sits between $58,000 and $64,000.

Whether this range ultimately resolves higher or lower remains uncertain, but the prolonged sideways trading has established one of bitcoin’s largest cost-basis clusters to date.