Bitcoin Slumps Below $63K Amid Prolonged Consolidation
The Bitcoin price has declined below $63K and is currently trading around its 200-week moving average, a trend that could persist for several more weeks.
This marks the second time this month that Bitcoin has retreated to this level, sparking concerns about market strength. The prolonged consolidation around the 200-week MA has been a recurring theme in recent months.
Historical patterns suggest that this period of low market activity could last between 18 and 70 weeks, with only nine weeks already passed since it began.
Riot Platforms, a mining company, sold 4,300 BTC in the second quarter to cover operating costs and expand its data centers. Meanwhile, Metaplanet denied selling 5,014 BTC after rumors surfaced that they had liquidated their assets.