Bitcoin Holders Await Breakout From Low $60,000 Range

According to Cointelegraph, Bitcoin (BTC) holders are experiencing a period of inactivity, with traders needing a breakout from the low $60,000 range to stimulate market activity. Glassnode lead analyst James Check highlighted in an Oct. 9 post that Bitcoin’s sell-side risk ratio is currently in a low liquidity zone, indicating a lack of significant profit or loss movements on the blockchain. Check explained that during Bitcoin price consolidations, experienced traders typically refrain from making moves, waiting for clearer price action signals. He noted that long-term holders, those who have held Bitcoin for more than 155 days, are particularly inactive, with volumes aged six months and older remaining dormant. This inactivity suggests that these 'old hands' are holding onto their coins, waiting for a significant market shift. On the other hand, short-term holders, those who have held Bitcoin for less than 155 days, are currently experiencing unrealized losses. The average purchase price for these short-term investors is $62,426, according to Bitbo data, which is higher than Bitcoin’s current trading price. Despite the current lull, some crypto analysts believe that Bitcoin’s price may soon break out of its consolidation range. Crypto trader Ash Crypto noted in an Oct. 10 post that Bitcoin has broken out of a falling wedge pattern on the weekly timeframe and is currently retesting, which could lead to a price bounce. Additionally, investor Mike Alfred suggested that Bitcoin price movements below $73,500 are insignificant and should be viewed as minor fluctuations. 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.