Bitcoin Faces a Major Roadblock as Glassnode Flags Critical Price Level
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5 Articles
Short-term holders pushed Bitcoin below $80,000 on October 9th by moving 45,600 BTC to exchanges. Glassnode sees $88,000 as the resistance level that will determine a recovery.
Very important data was released in the US yesterday and today. Yesterday's CPI and today's PPI data exceeded expectations. Currently, CPI is almost double the Fed's 2% target, while PPI is more than three times that target. PPI inflation was expected to fall in August, but instead it surged to 6.3%, reaching its second highest level in four years. Both inflation in the US and... Source: Bitcoinsistemi.com
Bitcoin Faces a Major Roadblock as Glassnode Flags Critical Price Level
TL;DR: The average cost basis for Bitcoin holders of six to twelve months sits at $88,000, while the one-to-two-year cohort averages $100,000. U.S. spot Bitcoin exchange-traded funds (ETFs) recorded cumulative net outflows of $760 million starting October 7. Realized losses by long-term holders dropped 85% from their peak recorded on August 12. Between $88,000 and ...
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