Market factors keep Bitcoin in the $60,000-$65,000 range

Ali Askar, chief developer at OTS Capital, stated that Bitcoin’s current movement reflects a balance between upward-driving factors and those exerting downward pressure on prices. He noted that the absence of strong catalysts in either direction makes it difficult to confirm whether the cryptocurrency has truly reached its bottom, despite its relative stability within a range of $60,000 to $65,000.

In an interview with Arabiya Business, Askar explained that Bitcoin, which reached record highs near $125,000 to $126,000 last October, has lost approximately half its value and has been trading sideways for several weeks.

He pointed out that trading volumes on exchanges, whether from individual traders or retail investors, remain very low, reflecting a decline in short-term speculative activity and a shift by a larger portion of investors toward long-term investment and risk management over extended periods.

He added that this equilibrium—characterized by the lack of strong downward pressures and insufficient upward catalysts—largely explains Bitcoin’s current horizontal movement. He believes that if no new factor emerges to alter the dynamics, Bitcoin may remain confined within a relatively narrow price range.

Askar noted that one key indicator for assessing Bitcoin’s price levels is the status of miners, explaining that in previous cycles, miners tended to reduce selling when Bitcoin’s price fell below mining costs.

According to his estimates, current mining costs average between $60,000 and $61,000, varying by country and facility, meaning that current prices are approaching breakeven points for many miners.