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

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

21.06.2023 - 14:10

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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.

As previously stated, the #Bitcoin Short-Term Holder Cost-Basis at $26,550 remains a significant baseline in determining market trend.The recent deviation below the STH-CB was not decisive, culminating in a reclamation of the prevailing uptrend. https://t.co/DzkEaWnVzn pic.twitter.com/7FtRNJci47 — glassnode (@glassnode) June 21, 2023

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.

The recent volatility in #Bitcoin price action has been anchored around the Short-Term Holder Cost-Basis of $26.4K. This suggests the STH-CB remains a pivotal level in determining both the direction and momentum of the local trend. pic.twitter.com/QUgw0midet — glassnode (@glassnode) June 17, 2023

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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