Bitcoin (CRYPTO: BTC) bounced from $67,000 to $72,000, but Glassnode data reveals weak spot demand, contracting futures volume, and persistent long-term holder capitulation running above 4,000 BTC per day, suggesting the recovery lacks conviction.
The Bear Market Zone
Bitcoin remains within bear market territory according to key on-chain pricing models.
The realized price at $54,000 represents the average acquisition cost of all circulating supply. The True Market Mean at $78,000 narrows this calculation to only actively transacted coins.
Price trading within this band is historically consistent with a market that has not transitioned into a sustainable recovery.
Bitcoin also trades below the Short-Term Holder Cost Basis at $81,600, the level at which recent buyers collectively break even.
Until price reclaims $81,600, the mid to long-term bias tilts to the downside. Any rally into this zone will likely encounter meaningful distribution pressure from recent buyers seeking to …Full story available on Benzinga.com
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