Bitcoin

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) holders are stuck in a lull, and traders need a breakout from the low $60,000 range to reignite activity, according to a crypto analyst.
“Investors demand a new price range to re-awaken supply,” Glassnode lead analyst James Check opined in an Oct. 9 X <a data-ct-non-breakable="null" href="https://x.com/_Checkmatey_/status/1844131851126047215" rel="noopener noreferrer nofollow" target="null" text="null" title="null">post</a>, noting that Bitcoin’s sell-side risk ratio is trading “well into the low liquidity zone.”
<figure><img alt="Bitcoin Price, Markets" src="https://s3.cointelegraph.com/uploads/2024-10/0192768e-e56c-7101-98f2-1ddbba13ad7b" title="">
 <figcaption style="text-align: center;">
 Bitcoin sell-side risk ratio. Source: X/Checkmate
 </figcaption>
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Check explained that the “vast majority of coins moving around onchain are NOT locking in large profit, nor loss.” During Bitcoin price consolidations, seasoned traders typically hold off, waiting for <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-follows-perfect-script-charting-150-k-all-time-high-this-cycle-analyst" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-follows-perfect-script-charting-150-k-all-time-high-this-cycle-analyst">clearer price action signals</a> before making their next move.
<h2 id="bitcoiners-are-sitting-on-their-coins">Bitcoiners are “sitting on their coins”</h2>
On Oct. 9, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-compressed-62k-price-signals-large-move-next" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Daan Crypto Trades opined that a trader’s</a> “best bet is to wait for confirmation in times like these.” Check believes it can go either way:
<blockquote>
 “This can be a major sell-off event to create capitulation level fear, or a major rally to restart the profit taking engines.”
</blockquote>
Meanwhile, Check noted that “old hands,” or long-term holders who have held their Bitcoin for more than 155 days, are making fewer moves, with those holding for 182 days or longer particularly inactive.
“As it stands, Old hands are sitting on their coins, with volumes aged 6 months and older being remarkably dormant,” Check explained.
<h2 id="btc-short-term-holders-are-in-the-red">BTC short-term holders are in the red</h2>
Meanwhile, short-term holders, those who have held Bitcoin for less than 155 days, are currently holding an unrealized loss against Bitcoin’s current price.&nbsp;
The short-term holder’s realized price, which calculates the average price that short-term investors have purchased their Bitcoin at, is $62,426, according to Bitbo&nbsp;<a data-ct-non-breakable="null" href="https://charts.bitbo.io/sth-realized-price/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">data</a>.
<figure><img alt="Bitcoin Price, Markets" src="https://s3.cointelegraph.com/uploads/2024-10/01927691-b58a-7677-af35-490246fc2ca7" title="">
 <figcaption style="text-align: center;">
 Bitcoin’s price is trading below the current short-term holder price. Source: Bitbo
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Nevertheless, several crypto analysts are spotting signs that Bitcoin’s price may break out of its consolidation range in the near term.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-compressed-62k-price-signals-large-move-next" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoin’s compressed $62K price signals ‘a large’ move next</a>
“Bitcoin broke out from the falling wedge pattern in the weekly timeframe…BTC price is currently retesting, and we could see a bounce from here,” crypto trader Ash Crypto stated in an Oct. 10 X <a data-ct-non-breakable="null" href="https://x.com/Ashcryptoreal/status/1844243053244187039" rel="noopener noreferrer nofollow" target="null" text="null" title="null">post</a>.
<figure><img alt="Bitcoin Price, Markets" src="https://s3.cointelegraph.com/uploads/2024-10/01927694-6667-751b-9d83-4ca1840aa6e3" title="">
 <figcaption style="text-align: center;">
 Ash Crypto pointed to Bitcoin breaking out of a falling wedge pattern. Source: X/Ash Crypto
 </figcaption>
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Additionally, investor Mike Alfred <a data-ct-non-breakable="null" href="https://x.com/mikealfred/status/1844189479265063050" rel="noopener noreferrer nofollow" target="null" text="null" title="null">opined</a> that “all this Bitcoin price action under $73,500 is basically just noise. It’s just loose change bouncing around the washing machine.”
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/nansen-alex-svanevik-bitcoin-ethereum-kamala-harris-unrealized-gains-tax-x-hall-of-flame/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Harris’ unrealized gains tax could ‘tank markets’: Nansen’s Alex Svanevik, X Hall of Flame</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price must leave $60K range 'to re-awaken supply' — Market analyst

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