Bitcoin stuck below $60K as key onchain and technical levels remain out of reach
By
James Van Straten, AI Boost
Summary
Bitcoin is currently trading below $60,000, stuck in a "no man's land" between key onchain support and resistance levels. The article notes that BTC has failed to reclaim important technical and onchain thresholds, with several key valuation metrics (like the True Mean Price at ~$76,300) sitting above the current price. Historical bear market patterns suggest a potential bottom closer to $45,000, indicating the path of least resistance remains to the downside.
Source
bskyBitcoin stuck below $60K as key onchain and technical levels remain out of reachcoindesk.comKey quotes
· 3 pulledBitcoin is currently trading below $60,000, placing it in 'no man's land,' a zone where price sits between major on chain support and resistance levels.
BTC has failed to reclaim several important technical and on chain thresholds, so the path of least resistance appears to remain to the downside.
The True Mean Price, currently around $76,300, estimates the average acquisition cost of coins after adjusting for lost or inactive supply, providing a more accurate measure of the network's economy.
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