According to Odaily Planet Daily, Glassnode chief analyst James Check said that holders are in a slump and traders need to break through the low-$60,000 range to reignite activity.

Check noted that Bitcoin’s sell-side risk ratio is “well into the low liquidity zone.” He explained that “the vast majority of coins circulating on the chain will not bring huge profits or huge losses.”

During periods of Bitcoin price consolidation, experienced traders often hold off on making moves and wait for clearer price action signals before making their next move.