Bitcoin

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According to Glassnode’s latest analysis, Bitcoin is stuck below the $64,000 mark, facing uncertainty in a slow-moving market.
<a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price has stagnated between $60,000 and $64,000, indicative of a market grappling with indecision as investors await decisive movements. In a recent <a href="https://insights.glassnode.com/the-week-onchain-week-27-2024/" target="_blank" rel="noopener noreferrer nofollow">research report</a>, analysts at blockchain research firm Glassnode noted that despite the uncertainty, the majority of the market remains profitable, primarily due to long-term holders.
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 “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 remarkably robust, with the average coin still holding a 2x profit multiple.”
 Glassnode
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The analysts highlight that for Bitcoin the range between $58,000 to $60,000 still remains critical as its breach would put a “significant number” of short-term holders into loss, and trade below the 200DMA price level.
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 “Overall, this indicates a risk that many investors may be sensitive to any price drops below $60k.”
 Glassnode
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While Bitcoin navigates this period of uncertainty, Glassnode advises investors to monitor the market closely, as movements around key levels like $64,000 could determine the “next range expansion.” Until then, however, a degree of investor “apathy and boredom” has taken hold, Glassnode says, adding that the market sentiment has led to “widespread indecision.”
Despite the lack of positive trading activity, Bitcoin’s historical data suggests that July might be a positive month for BTC holders. As crypto.news <a href="https://crypto.news/bitcoin-poised-for-green-july-according-to-history/" target="_blank" rel="noopener noreferrer nofollow">reported</a> earlier, 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 press time, Bitcoin is trading at $60,427, according to data from CoinGecko.
Read more: <a href="https://crypto.news/the-end-of-etf-euphoria-will-there-be-a-recovery-for-bitcoin/" rel="noopener noreferrer nofollow"> The end of ETF euphoria: Will there be a recovery for Bitcoin? </a>

Bitcoin stuck in ‘indecision’ trajectory as it fails to break $64k, Glassnode says

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