Bitcoin
Bitcoin stuck in ‘indecision’ trajectory after failing to hit $64K, says Glassnode
According to the latest analysis from Glassnode, Bitcoin is stuck below the $64,000 mark, facing uncertainty in a sluggish market.
BitcoinThe price of ‘s has been stagnant between $60,000 and $64,000, indicating a market struggling with indecision as investors await decisive moves. In a recent Research ReportAnalysts at blockchain research firm Glassnode noted that despite the uncertainty, the majority of the market remains profitable, mainly due to long-term holders.
“As BTC prices dropped towards the $60k region, a degree of fear and bearish sentiment could be felt among many digital asset investors. […] However, from an MVRV Ratio perspective, aggregate investor profitability remains remarkably robust, with the average coin still maintaining a 2x earnings multiple.”
glass knot
Analysts highlight that for Bitcoin, the range between $58,000 and $60,000 still remains critical, as its breach would put a “significant number” of short-term holders at a loss and trade below the 200 DMA price level.
“Overall, this indicates a risk that many investors may be sensitive to any price drop below $60,000.”
glass knot
As 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 market sentiment has led to “widespread indecision.”
Despite the lack of positive trading activity, historical Bitcoin data suggests that July could be a positive month for BTC holders. As crypto.news reported Previously, in previous years, an average Bitcoin increase of nearly 8% in July followed a red candle close in June. BTC lost value on six occasions in June between 2013 and 2024, but the asset grew at least 9.6% in July during those six years.
At the time of writing, Bitcoin was trading at $60,427, according to data from CoinGecko.