On-chain analytics firm Glassnode has highlighted how the latest Bitcoin 
rejection came inside a zone containing some historically important cost basis 
levels. Bitcoin Could Find Support At -1 SD Of The STH Realized Price Next In 
its latest weekly report, Glassnode has talked about a key cost basis zone 
that Bitcoin retested recently. The region in question involves two major on- 
chain metrics: the Short-Term Holder Cost Basis and True Market Mean. Related 
Reading: Dogecoin Surges 11%: Is This Parallel Channel Resistance Next? The 
first of these, the Short-Term Holder Cost Basis, measures the average 
acquisition price of the short-term holders (STHs), investors who purchased 
their Bitcoin during the past 155 days. Statistically, the longer investors 
hold onto their coins, the less likely they become to sell them at any point. 
Since the STHs represent the new entrants of the market with a relatively low 
holding time, they can be considered the weak side of the market. Due to their 
fickle nature, the STHs tend to be sensitive to retests of their cost basis. 
In bearish periods, this can show up as panic selling around their break-even 
mark, while in bullish phases they accumulate more at it. The other on-chain 
level of relevance here, the True Market Mean, tracks the cost basis of the 
active market participants. It aims to provide a break-even mark for the 
network as a whole. Currently, the True Market Mean is located at $78,000, 
while the STH Cost Basis at $79,000. Together, these two levels mark a zone 
that could act as resistance for the any rallies in this bearish environment. 
And indeed, BTC&#8217;s recent attempt at recovery hit the brakes around these 
levels. As Glassnode explains: This behavior is a textbook pattern in bear 
markets, where price approaches the breakeven level of the most price- 
sensitive cohort, the incentive to exit positions overwhelms incoming demand, 
exhausting upside momentum. With Bitcoin rejected from this zone, the next 
major level of interest could be a standard deviation (SD) of the STH Cost 
Basis. Below is a chart that maps some SDs of the metric for BTC. From the 
graph, it&#8217;s visible that after rejection at the STH Cost Basis, the next level 
is the -1 SD at $68,000. In the past, this level has often acted as a point of 
support. It now remains to be seen whether Bitcoin will make another attempt 
at the resistance zone of the True Market Mean and the STH Cost Basis or if it 
will have to fall back to support. Related Reading: Bitcoin $90,000 
Predictions Surge Across Social Media—Contrarian Signal? BTC&#8217;s earlier rally 
fizzling out is also visible through the lens of STH Realized Profit. As is 
visible in the below chart, the STHs ramped up their profit-taking as the BTC 
price marched up. BTC Price Bitcoin has fallen to the $76,400 mark since its 
pullback. Featured image from Dall-E, chart from TradingView.com

Bitcoin Rejected At Key Cost Basis Zone—Is $68,000 The Next Support?

Increased geopolitical tensions from US-Iran operations may destabilize 
markets, affecting investor confidence and broader economic indices.
The post US confirms military operations in Iran, impacting SPY market 
stability appeared first on Crypto Briefing.

US confirms military operations in Iran, impacting SPY market stability

Heightened US-Iran tensions could destabilize regional security, impact global 
oil markets, and strain international diplomatic relations.
The post Iran warns of retaliation if US resumes attacks amid Congress 
deadline appeared first on Crypto Briefing.

Iran warns of retaliation if US resumes attacks amid Congress deadline

High gas prices and geopolitical tensions may lead to sustained inflation, 
influencing tighter monetary policies and economic challenges.
The post Newsom blames high gas prices on incompetence amid US-Iran tensions 
appeared first on Crypto Briefing.

Newsom blames high gas prices on incompetence amid US-Iran tensions

Rising oil prices amid US-Iran tensions could strain global economies, 
highlighting vulnerabilities in energy supply chains and geopolitical 
stability.
The post Oil prices rise amid US-Iran tensions as War Powers deadline nears 
appeared first on Crypto Briefing.

Oil prices rise amid US-Iran tensions as War Powers deadline nears

Brazil&#8217;s debt measures could ease household financial strain, potentially 
stabilizing the economy and influencing future monetary policy.
The post Brazil to announce measures on household debt amid high Selic rates 
appeared first on Crypto Briefing.

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