Bitcoin prices action (BTC) remains centered on critical levels, with $ 92,000 acting as a threshold necessary for an upward dynamic and $ 70,000 emerging as a key support area, according to a recent Glassnode report.
The report stressed that the price structure and the chain data indicate a strong confluence at these levels, shaping the wider perspectives of the market. He too Assessed the recent Bitcoin prices action and highlighted three important stages.
The initial escape at $ 70,000 in November 2024 marked the start of an aggressive rise trend, followed by a rapid increase in front of $ 80,000, strengthening the bullish feeling. The market has since entered a consolidation phase, the lower limit of this beach fixed at around $ 90,000.
STH relevance on the basis of costs
In this landscape, the cost base of the short -term holder (STH) provides a framework to understand these price movements and their relevance.
Historically, the STH cost base was a key reference point during the Haussier market trends. The calculations of the SIGMA range of this metric define a local commercial range, with the band greater than $ 130,000, the average level at $ 92,000 and the band less than $ 71,000.
At the time of the press, the punctual price of Bitcoin is $ 89,208.77, negotiating between the intermediate level and the lower limit of the SIGMA range of the STH cost base. This suggests a testing phase for Bitcoin capacity to maintain above critical support levels.
Meanwhile, the active price made offers an additional overview of the positioning of investors. This metric estimates the basis of the costs of active active players on the market and serves as a key threshold between the uptail and lowering market conditions.
At $ 70,000, the price made active lines on the lower limit of the basic range of STH costs, strengthening the importance of this level of support. The ratio noted that a breakdown lower than this level could point out a broader weakness of the market.
Macroeconomic factors at stake
The report also noted that a liquidity contraction continues to influence cryptographic markets. A sustained increase in the US dollar index (DXY) reflects the tightening of financial conditions, often causing downward pressure on risk assets.
As a negotiatedctivective to 24/7, Bitcoin has historically been an early indicator of liquidity changes, quickly responding to macroeconomic changes. During the weekend, the announcement of President Donald Trump concerning a strategic cryptography reserve briefly strengthened the feeling of the market.
The proposed reserve, including BTC, Ethereum (ETH), Solana (Sol), Cardano (ADA) and XRP, triggered a short -term rally. However, the concerns concerning the proposal and the sustained geopolitical uncertainty brought the gathering at the level of pre-announcing prices within one day.
The recent Bitcoin price fluctuations have led to increased volatility. In the past two weeks, volatility has increased over several deadlines, with rolling windows of 1 week and 2 weeks recording volatility levels exceeding 80%, marking some of the highest values observed this cycle.
Keep or flee
The report has highlighted data on the chain which is the way in which the positioning of investors evolves in response to this volatility.
The metric UTXO carried out the distribution of prices (URPD) indicates that many Bitcoin holders have acquired positions greater than $ 90,000. The initial sale increased prices less than $ 86,000, entering a region with a limited previous negotiation activity.
Between February 26 and March 3, around 150,000 BTC (0.76% of the supply in circulation) were treated in this “air-gap” area.
While prices are trying to recover, the market tests if investors who have entered above $ 90,000 will use this rally to leave or continue to hold despite unpaid losses.
