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Home›Crypto›Bitcoin›Bitcoin bounces but remains below key cost and value l…

Bitcoin bounces but remains below key cost and value levels

Glassnode data cited by CryptoSlate shows short-term holders are still shedding value at a pace of $280 million a day.

Reported · Written up by our desk · Bitcoin

CryptoSlate reports Bitcoin has rebounded over the past week, rising from about $58,300 to $64,400 before falling back near $62,700.

The outlet, citing Glassnode metrics, says Bitcoin is still below the True Market Mean around $76,600 and the short-term holder cost basis near $72,200, and it is in later stages of a bottoming process.

CryptoSlate also notes Glassnode estimates long-term holders are needed to stop short-term holders from losing $280 million per day.

Latest closeBitcoin $63,168.34 ▲1.5%

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Sources

CryptoSlateBitcoin’s bottom needs long-term holders to stop losing $280M a day

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