Bitcoin is stuck below $64,000 and faces uncertainty in a slow-moving market, according to the latest analysis from Glassnode.
Bitcoin prices have been stagnating between $60,000 and $64,000, suggesting the market is suffering from indecisiveness as investors wait for a decisive move. In a recent research report, analysts at blockchain research firm Glassnode noted that despite the uncertainty, most of the market is still profiting, mainly thanks to long-term holders.
“As BTC prices fell to the $60,000 range, there was a degree of fear and bearish sentiment among many digital asset investors. […] Nevertheless, overall investor profitability remains very strong in terms of the MVRV ratio, with the average coin still maintaining a 2x return.”
Glassnode
The analysts noted that the $58,000 to $60,000 range remains crucial for Bitcoin, and a breach of this range would see a “significant number” of short-term holders incur losses, leading to a trade below the 200-DMA price level.
“Overall, this represents a risk that many investors will be sensitive to a price drop below $60,000.”
Glassnode
As Bitcoin weathers this period of uncertainty, Glassnode advises investors to monitor the market closely, as moves 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 said, adding that market sentiment has led to “widespread indecision.”
Despite the lack of positive trading activity, Bitcoin's historical data suggests that July could be a positive month for BTC holders. As crypto.news previously reported, over the past few years, Bitcoin has risen nearly 8% on average in July after a red candle close in June. BTC has lost value six times in June between 2013 and 2024, but has risen at least 9.6% in July during those six years.
At press time, Bitcoin was trading at $60,427, according to data from CoinGecko.
