Bitcoin’s price is seeing a modest rebound after yesterday’s nearly 6% selloff, climbing back toward 86.5 thousand USD. However, looking at the two previous corrections during this bull market, we can see that the tendency to retest local lows is still present, and another attempt to “probe the bottom” should not be surprising.
- A potential drop below 81k USD could trigger another strong wave of selling, considering both key technical levels (recent price reactions) and on chain signals, including a major Glassnode metric known as the “true market mean”, which represents the average Bitcoin acquisition cost among investors. Historically, BTC has fallen below this level in every previous cycle before transitioning into a bear market.
- The key resistance levels remain 92k USD (price action; the latest local high) and 100k USD, which is both a significant psychological threshold and an area of significant interest in the options market. As for now, Bitcoin is traded almost 35% below its October peak near 126.5k.
Bitcoin (D1 interval)
Source: xStation5
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