Bitcoin Analysts See Prolonged BTC Consolidation

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Glassnode analysts said Bitcoin remains stuck between “key cost-basis levels,” adding that a prolonged consolidation period may lie ahead for BTC even if traders are actively buying dips to the range lows.

Bitcoincould be in for another “prolonged phase of range-bound” price action if key support levels are not reclaimed.

Bitcoin is stuck between key cost-basis levels, predicting 2022-type consolidation unless key support levels are reclaimed.

Bitcoin price needs to take out the resistance at $72,000 to break out of consolidation.

Bitcoin faces overhead supply challenges
In the Feb. 11 edition of its regular newsletter, The Week On-chain, onchain data provider Glassnode confirmed key supply zones constraining upside follow-through and “creating overhead resistance potential during relief rallies.

The BTC/USD pair is trading within a new range defined by the True Market Mean currently at $79,200 and the realized price near $55,000, closely resembling the structural environment observed during the first half of 2022

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