Bitcoin Continues to Trade Sideways, Hindered by True Market Average Price—Glassnode Analysis

Significant Profit-Taking Occurs

In its latest weekly report released on the 29th, on-chain analytics firm Glassnode analyzed that Bitcoin was hindered by resistance levels at $78,000 to $79,000, making the upside heavy. Meanwhile, a support zone ranging from $65,000 to $70,000 underpins the sideways trading market.

Bitcoin, at the True Market Mean (TMM) of $78,000 and the acquisition cost for short-term holders at $79,000...