Bitcoin (BTC) forms new accumulation zone in the low $80,000s…"Could become a strong support"
Minseung Kang
Summary
- Bitcoin (BTC) price has formed a new accumulation zone in the low $80,000s.
- On-chain data analytics firm glassnode said that investors' entry prices are concentrated in this range.
- It analyzed that this cost-basis cluster is likely to become a strong support.
Bitcoin (BTC) price has formed a new accumulation zone as it adjusted into the low $80,000s.
On the 1st (local time), on-chain data analytics firm glassnode said on X (formerly Twitter), "As Bitcoin dropped into the low $80,000s, a new cost-basis cluster formed in this range."
Glassnode added, "Recent investors' entry prices are concentrated in this range, forming the most prominent cluster on the heatmap," and analyzed that "it could act as a strong support going forward."
A cost-basis cluster refers to the range where market participants actually bought, and the thicker this range, the more downward pressure below that price level tends to weaken.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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