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Crypto experts warn that Bitcoin holders are waiting for a breakout beyond the $60,000 range to trigger market activity. According to analysts, the cryptocurrency is currently in a liquidity slump, with traders sitting on the sidelines until a clearer market direction emerges.
Bitcoin Holders Await Breakout to Restart Market Activity
Crypto analyst: Bitcoin holders are in a slump; traders need a low $60,000 range breakout to restart activity.
In an Oct. 9 X post, Glassnode head analyst James Check expressed his opinion, saying, "Investors demand a new price range to re-awaken supply." He also mentioned that Bitcoin's sell-side risk ratio is trading "well into the low liquidity zone."
The "vast majority of coins moving around onchain are NOT locking in large profit, nor loss," as Check put it.
Experienced Traders Waiting for Clearer Market Signals
According to Cointelegraph, experienced traders usually sit tight during Bitcoin price consolidations, waiting for more definitive indications from the market before acting.
For traders, the "best bet is to wait for confirmation in times like these," according to Daan Crypto Trades's opinion from October 9th. Both sides are considered by Check to be possible:
“This can be a major sell-off event to create capitulation level fear, or a major rally to restart the profit taking engines.”
Long-Term Bitcoin Holders Stay Passive During Slump
At the same time, Check found that long-term holders, sometimes known as "old hands," aren't moving much with their Bitcoin. Those who have held it for 182 days or more are especially passive.
"As it stands, Old hands are sitting on their coins, with volumes aged 6 months and older being remarkably dormant," Check remarked.
Short-Term Bitcoin Investors Face Unrealized Losses
At the same time, Bitcoin holders with a holding period of fewer than 155 days are sitting on an unrealized loss relative to the present price of Bitcoin.
Bitbo data shows that the average price at which short-term investors have bought Bitcoin, known as the short-term holder's realized price, is $62,426.
Analysts Predict Bitcoin Will Exit Consolidation Soon
However, a number of cryptocurrency experts have noticed indications that Bitcoin's price will soon exit its consolidation zone.
Blockchain investor Ash Crypto mentioned in a post made on October 10th:
Furthermore, according to investor Mike Alfred's opinion:
