Fresh data from Glassnode suggests that Bitcoin could face a prolonged phase of range-bound price action without reclaiming key support levels. Bitcoin needs to surpass $72,000 to break out of consolidation and faces overhead supply challenges. Glassnode predicts continued oscillation until new buyers emerge. Bitcoin whales are closing longs and opening shorts, hinting at potential consolidation ahead.

Glassnode’s data indicates that Bitcoin is currently trading within a range defined by the True Market Mean at $79,200 and the realized price near $55,000, resembling early 2022 patterns. Supply zones above $82,000 are maturing into long-term holder cohorts, potentially acting as sell-side pressure. Bitcoin must break above $72,000 to target higher price levels, suggesting a possible bottoming out in the near term.

Bitcoin’s recovery from 15-month lows was halted at $72,000 resistance, leading to consolidation between $65,000 support and $68,000 resistance. Bulls need to break above $68,000 to challenge $72,000 again. The liquidation heatmap shows heavy ask orders between $69,000 and $72,000, with dense bid positions below $66,000, indicating a tight market structure.

Read more at Cointelegraph: Bitcoin Price Stuck Under $72K As Consolidation Looms: New Research.