Bitcoin price must leave $60K range 'to re-awaken supply' — Market analyst 
2024-10-10

Bitcoin BTCUSD 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 post, noting that Bitcoin’s sell-side risk ratio is trading “well into the low liquidity zone.”
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 clearer price action signals before making their next move.
Bitcoiners are “sitting on their coins”
On Oct. 9, Daan Crypto Trades opined that a trader’s “best bet is to wait for confirmation in times like these.” Check believes it can go either way:
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.
BTC short-term holders are in the red
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. 
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 data.
Nevertheless, several crypto analysts are spotting signs that Bitcoin’s price may break out of its consolidation range in the near term.
“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 post.
Additionally, investor Mike Alfred opined that “all this Bitcoin price action under $73,500 is basically just noise. It’s just loose change bouncing around the washing machine.”
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.