Glassnode Chief Analyst: Bitcoin Traders Need to Break Out of the Low $60,000 Range

Glassnode Chief Analyst James Check said that holders are in a slump and traders need to break out of the low $60,000 range to reignite activity, according to the Daily Planet.

Check noted that Bitcoin's sell-side risk ratio is ‘well into the low liquidity zone.’ He explained that ‘the vast majority of currencies circulating on the chain are not going to result in huge profits or huge losses.’

During a bitcoin price consolidation, seasoned traders usually hold off, waiting for clearer signals of price action before taking the next step.