LATEST: Glassnode says Bitcoin has slipped below its range and under the True Market Mean at $76.7K, with a second close beneath it risking a drop toward the $71.3K short-term holder cost basis.

What happened

Glassnode, a market analysis firm, reported that Bitcoin's price has fallen below its recent trading range and under the True Market Mean of $76,700. A second daily close below this level could push Bitcoin down to $71,300, which is the average cost basis for short-term holders.

Confirmed

Global impact / market context

If Bitcoin closes below $76,700 again, it may drop to $71,300. This would hurt short-term buyers who paid around that price, potentially causing them to sell and push prices lower, affecting investor confidence and the broader cryptocurrency market's value.

Analyst inference

Bitcoin's price falling under the True Market Mean, which is the average price all coins were last moved, signals weakening investor support. A move to $71,300 could test the resolve of recent buyers, possibly leading to increased selling pressure and a steeper decline in the near term.

Analyst inference

What to watch

1. Watch whether Bitcoin produces a second daily close below the True Market Mean of $76,700, as Glassnode states this would increase the risk of a drop toward $71,300. Confirmed
2. Monitor Bitcoin's price action around the $71,300 level, which is the short-term holder cost basis, to see if this price acts as a support or if selling pressure pushes it lower. Proposed
3. If Bitcoin falls to $71,300, short-term holders who bought near that price might sell to cut losses, which could accelerate the decline and affect overall market sentiment. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

• x.com