The Hidden On-Chain Signal That Shows Bitcoin Is Closer to a Bottom Than Most Think
BeInCrypto
Bitcoin is testing critical support levels, with on-chain data and technical indicators suggesting a potential mid-cycle correction before a possible trend reversal.Summary
Bitcoin is currently navigating a precarious market position, sitting between long-term support and significant overhead resistance from underwater short-term holders. Analysis using Glassnode data and technical charts indicates that while Bitcoin is under stress, it remains above the fundamental realized price floor. The $69,000 level serves as a critical "line in the sand"; holding this support could trigger a bullish reversal as momentum builds, while a break below it may lead to a deeper correction toward the $54,000 realized price.
(Source：BeInCrypto)