Analysis: Bitcoin Finds Support at US Spot ETF Investors’ Average Cost Basis
Summary
- Glassnode, an on-chain analytics firm, said Bitcoin has established support at US spot ETF investors’ average cost basis.
- Glassnode said Bitcoin has confirmed support twice at about $81,500, and that a price zone that had previously capped gains is now acting as support.
- Glassnode said further downside remains possible if that support breaks, adding that below $81,500, $77,500 is the next support level.
Forecast Trend Report by Period
Bitcoin has established a support level at the average cost basis of investors in US spot exchange-traded funds, according to an analysis.
Glassnode, an on-chain analytics firm, wrote on X on Oct. 13 that Bitcoin rebounded from the average cost basis of spot ETF investors, confirming support twice at about $81,500.
According to Glassnode, Bitcoin traded below ETF investors’ average cost basis for most of this year. More recently, however, it rebounded twice near $81,500, the average purchase price for those investors. The firm said a price zone that had previously capped gains is now acting as support.
Glassnode also said further declines remain possible if that support level breaks. Below $81,500, the next support level is $77,500, it added.
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