Bitcoin Reclaims $78,000, But Faces a Stiff Resistance at $80,000

Recovering Key Indicators

On-chain analytics firm Glassnode released its latest weekly report on the 22nd, noting that Bitcoin has surpassed the 'True Market Mean (TMM)' of $78,100, driven by improved spot demand and renewed capital inflows into ETFs. The firm interprets this return to previous levels as a 'significant sign of a transition from a severe bear market to a more constructive market phase.'

However, looming ahead is the average acquisition cost of $80,000 for short-term holders, which could serve as a significant resistance level...