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Bitcoin stalls below $80K as onchain data signals cautious optimism
Bitcoin (BTC) tipped below $75,000 on Wednesday, with onchain data suggesting a market defined by cautious optimism rather than strong bullish conviction, according to a Wednesday report from Glassnode. The report highlights a "top-heavy" cost basis structure, in which a large share of recent investors entered near current prices, leaving the market particularly sensitive to shifts in demand. Glassnode mentions three key pricing levels, including the Short-Term Holder (STH) cost basis at roughly $78,000, the True Market Mean at around $78,300 and the long-term Realized Price near $54,200. Recent ... (full story)