According to experts, the indicator is key in determining the direction of the trend

​Glassnode analysts call important level on BTC for short-term investors

21.06.2023 - 14:10


2 min

What’s new? Experts of analytics service Glassnode have called the mark of $26 550 a cost-basis for short-term holders (STH) of bitcoin. According to them, this mark remains an important baseline in determining the market trend. Analysts stressed that the recent deviation below this level was not decisive, and it was followed by the recovery of the prevailing uptrend. As of June 21, 14:00 UTC, bitcoin is trading at $29 300 on Binance, having gained 9,33% per day and 12,9% per week, according to aggregator CoinGecko.

What happened before? On June 17, analysts at Glassnode noted that volatility in bitcoin’s price movement was settled around the cost-basis for STH at $26 400. They clarified that the break-even figure for short-term holders is key in determining the direction and momentum of the local trend.

Earlier, Glassnode found that the lawsuits of the US Securities and Exchange Commission (SEC) against Binance and Coinbase exchanges had a greater impact on institutions compared to small organizations.

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