Bitcoin's True Market Mean Shields Against Deep Pullback

According to Bitfinex analysts, Bitcoin's position above its True Market Mean reduces the risk of a deep pullback. The True Market Mean stands at $76,350, which has absorbed selling after a 24.9% August gain.

The current trading range between $76,500 and $79,500 has been in place for five days, with sellers appearing around the upper end but buyers preventing a decisive break below the on-chain cost basis.

Bitfinex described $76,350 as a market pivot rather than a fixed price that buyers must defend to the dollar. The analysts noted that if Bitcoin stays above the former $68,000 range ceiling, corrections are likely to remain 'short-lived and limited in scale.'