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.
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.
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.
Source: https://cryptoslate.com/insights/after-153-days-in-40k-45k-range-bitcoin-aims-to-close-6th-ever-monthly-close-above-50k/