Bitcoin Slides Below Trading Range, Glassnode Warns of Potential $71K Decline
Bitcoin's recent price drop has sparked concerns among investors as it falls below its previous trading range. According to on-chain analytics firm Glassnode, Bitcoin could extend its decline to around $71,000 if it continues this trend.
The current price of Bitcoin is near $76,000, down about 4.6% for the week. This leaves the token slightly below the lower end of its previous range after a decline around the U.S. Senate's vote on the Clarity Act in late August.
Glassnode highlighted two key price levels: the True Market Mean (TMM) at $76,700 and the short-term holder cost basis near $71,300. The TMM represents the average acquisition cost of active Bitcoin excluding long-dormant supply, while the short-term holder cost basis reflects the average purchase price of Bitcoin bought over the past five months.