Quick Take

Since Feb. 14, Bitcoin has consistently stayed above the $50,000 mark, venturing into largely uncharted territory. Prior to this, CryptoSlate reported Bitcoin was consolidating between the $40k and $45k range for 146 days. This observation aligns with Bitcoin’s historical behavior of consolidating within $5,000 increments for periods ranging from 100 to 250 days above $10,000 and below $50,000. Approximately two weeks after this insight, Bitcoin breakaway took place.

Bitcoin days spent in price buckets: (Source: Glassnode)

Following the breach of the $50k threshold, Bitcoin has been navigating between the $50k and $53k region. Further dissecting the data into $2,000 increments, Bitcoin appears to have spent approximately 25 days in total, oscillating between $50k and $52k. This underlines that Bitcoin’s journey above $50,000, which has only occurred for a combined 153 days in total, is a relatively rare development. Bitcoin has only closed five monthly candles above $50k in its history.

Bitcoin days spent in price buckets: (Source: Glassnode)

This pattern, sliced by $2,000 increments, implies a potential for further consolidation above the $50,000 mark, assuming the digital asset continues to echo its previous behavioral pattern.

The post After 153 days in $40k-$45k range, Bitcoin aims to close 6th ever monthly close above $50k appeared first on CryptoSlate.

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Filed under: Bitcoin - @ February 23, 2024 1:16 pm