"If Bitcoin Breaks 88K, New Investor Buying Sentiment May Weaken"

Son Min

Summary

It was reported that if the price of Bitcoin falls below $88,135, the buying sentiment of short-term Bitcoin holders may weaken.
It was stated that the current price of Bitcoin is 7% higher than the acquisition cost of short-term holders.
They added that if Bitcoin falls below that price, the market trend could also reverse.

If the price of Bitcoin (BTC) falls below $88,135, the buying sentiment of short-term Bitcoin holders (STH) may weaken, according to a claim.

On the 10th (local time), Glassnode stated on X, "The acquisition cost of short-term Bitcoin holders (holding for less than 155 days) is an important indicator for understanding the sentiment of new investors," adding, "Currently, the price of Bitcoin is 7% higher than the acquisition cost of short-term holders, which is $88,135." They further explained, "If Bitcoin falls below that price, the buying sentiment of new investors may weaken," and added, "Furthermore, the market trend could also reverse."

As of 4:19 PM, Bitcoin is trading at $94,260 on the Binance USDT market, up 0.08% from 24 hours ago.

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