Bitcoin Rebounds Above $80,000 with Strong Upward Momentum
Bitcoin rebounded from $74,800 to break through the $77,700 Fibonacci support level and reach above $81,000. According to on-chain data, long-term holders are increasing their positions while short-term supply is declining.
The price surge was triggered by a strong rally on September 18, pushing BTC above the $77,700 mark and setting the stage for further growth towards $81,000.
However, experts caution that it's essential to monitor the $82,300 resistance level and the effectiveness of the true market mean reversion support. The daily RSI has rebounded to around 63, indicating strong upward momentum but not yet reaching the overbought threshold.
Glassnode's data shows that Bitcoin's 'realized market average' stands at approximately $76,700, closely aligning with the $77,700 Fibonacci level. This metric reduces the impact of older, dormant coins to estimate the average acquisition cost of economically active Bitcoin supply.