Bitcoin Soars Above $81K: Next Major Resistance Level at $85K
Bitcoin has reclaimed its position above $81,300 after rising more than 5% last week. Ethereum and XRP have also extended their recoveries, with Ethereum gaining over 6% during the same period.
Momentum indicators across the three cryptocurrencies suggest an early bullish shift, indicating that buyers may attempt to push prices higher in the near term.
The True Market Mean, which reflects the average acquisition price of actively trading market participants, currently sits at $76,660. Bitcoin's move above this level signals a return to bullish territory, according to Glassnode.
However, there are potential obstacles ahead for Bitcoin. The corporate treasury cost basis is estimated to be around $80,421, and the cost basis for US spot exchange-traded fund investors sits higher at around $85,638.