Bitcoin, major on-chain cost indicators consecutively fall below…"Next support is 81,700 dollars"
Suehyeon Lee
Summary
- Bitcoin price has fallen below key on-chain indicators such as the STH cost basis and the Active Investors Mean.
- Glassnode presented 81,700 dollars (True Market Mean) as an important on-chain based medium-term support.
- Analysts said that whether the market can defend the 81,700 dollars area will determine short-term trends.
Bitcoin (BTC) is continuing its decline, and analysis suggests the next support level is 81,700 dollars.
On the 1st (local time), according to on-chain analytics firm Glassnode, Bitcoin's price has fallen below key on-chain indicators such as the short-term holder cost basis (STH·90,900 dollars) and the active investor average cost (Active Investors Mean·88,100 dollars).
These indicators have typically acted as short-term support levels. Glassnode presented the 'True Market Mean' as the next metric to watch. This figure is located at around 81,700 dollars and is interpreted as an on-chain based medium-term support level. Analysts say that whether the market defends this zone will likely determine short-term movement.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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