Bitcoin Trading Near $85,000 to $87,500 Range After Rebounding From $80,000
(2 hours ago) · 1 source · Summarized by CryptoBipto
Bitcoin has rebounded from around $80,000 and is now approaching a price range between $85,000 and $87,500 where on-chain data suggests a concentration of previously acquired supply. Analysts using Glassnode data have identified this zone as an area where many holders originally purchased their coins, potentially creating selling pressure.
WHY IT MATTERS
When people buy Bitcoin at a certain price, that creates what analysts call a "cost basis" — essentially the price someone originally paid. Think of it like buying a concert ticket for $100: if the ticket's resale value drops to $80 and then climbs back toward $100, some people might sell just to break even. On-chain analysis tries to figure out at what prices large groups of Bitcoin holders originally bought their coins. In this case, data suggests many holders bought between $85,000 and $87,500. This kind of analysis is one tool people use to understand market dynamics, though it has significant limitations and does not predict what will actually happen next.
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- newsbtc.com
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