Bitcoin has been demonstrating a remarkable stability in its trading range, staying between $40,000 and $45,000 for a record-breaking 146 days. This period of steady consolidation above $40,000 began in early December 2023, after Bitcoin surpassed the $40,000 mark for the first time since April 2022. However, on January 22, 2024, Bitcoin lost support at $40,000 and is currently trading around $42,000.
A closer look at the price analysis reveals an interesting pattern. Bitcoin has been consistently trading within the range of $40,000 to $44,999 for the past 146 days, surpassing its previous stint in the $35,000 to $39,999 range, which lasted approximately 138 days. It is evident that Bitcoin tends to trade within specific price ranges for extended periods, typically between 100 and 250 days when looking at price increments from $10,000 to $49,999. Therefore, the current sideways price action aligns with Bitcoin’s historical trading behavior and should be seen as characteristic rather than an anomaly.