What Conditions Could Signal a Bullish Turn for Bitcoin? - Glassnode Insights

Leading on-chain analytics firm Glassnode released its weekly analysis report on the 18th. Bitcoin (BTC) has breached the 'true market average price' (around $79,000), moving into a defensive trading range between this and the 'realized price' (around $54,900), which serves as the lower support line.

On-chain data has confirmed that the zone between $60,000 and $69,000, where many investors accumulated Bitcoin in the first half of 2024, is currently acting as the main support band. Holding at the breakeven point in this cost range is absorbing selling pressure, stabilizing the market...