Bitcoin Price Remains Steady Above $76,350

Bitcoin's price has remained steady between $76,500 and $79,500 for five trading days, with its True Market Mean sitting at $76,350.

The Bitfinex analysts noted that this range is a sign of limited risk for a deep pullback, as the market mean acts as a pivot point rather than a fixed price.

According to historical data, when Bitcoin stays above its former $68,000 range ceiling, corrections tend to be short-lived and limited in scale.

The analysts also pointed out that long-term holder SOPR has been near breakeven for nine sessions, indicating that sellers are exiting at close to breakeven prices.