Glassnode identifies $81,500 as key support for $BTC Bitcoin and watches $77,500 as the next floor.
In its latest report, on-chain analytics firm Glassnode noted that Bitcoin has found a decisive foothold around $81,500, a zone that closely aligns with the cost basis of spot ETFs. For much of the year, the price remained below that benchmark, and even the recovery attempt in May stalled before reaching it. However, in the current market structure, this level has successfully acted as support on two consecutive occasions.
This zone is significant because it represents the average price at which many major institutional participants entered the market through exchange-traded funds.
However, the report warns that if selling pressure pushes the price below $81,500, the next critical support for the market structure lies around $77,500. This level reflects the market’s true mean price, where cumulative demand has historically tended to pick up again.
Defending these ranges will be crucial in determining the price direction in the short term, especially in an environment where derivatives are showing compression and investors are closely watching for any signs of macroeconomic weakness.
Do you think the ETFs’ cost basis at $81,500 will hold firm, or will we see a move toward $77,500 to flush out positions? Share your analysis in the comments.
#BitcoinSurpasses$84K
In its latest report, on-chain analytics firm Glassnode noted that Bitcoin has found a decisive foothold around $81,500, a zone that closely aligns with the cost basis of spot ETFs. For much of the year, the price remained below that benchmark, and even the recovery attempt in May stalled before reaching it. However, in the current market structure, this level has successfully acted as support on two consecutive occasions.
This zone is significant because it represents the average price at which many major institutional participants entered the market through exchange-traded funds.
However, the report warns that if selling pressure pushes the price below $81,500, the next critical support for the market structure lies around $77,500. This level reflects the market’s true mean price, where cumulative demand has historically tended to pick up again.
Defending these ranges will be crucial in determining the price direction in the short term, especially in an environment where derivatives are showing compression and investors are closely watching for any signs of macroeconomic weakness.
Do you think the ETFs’ cost basis at $81,500 will hold firm, or will we see a move toward $77,500 to flush out positions? Share your analysis in the comments.
#BitcoinSurpasses$84K