BEARISH 📉 : Bitcoin drops to $76.4k; Glassnode flags $68k as next support
Glassnode: Bitcoin rejected at $78k–$79k cost basis. Next support near $68k.
Bitcoin’s rebound stalled at a key cost basis zone. Glassnode points to $68k as the next support.
In its weekly report, Glassnode says the latest move by Bitcoin hit resistance at two on-chain levels: the Short-Term Holder (STH) Cost Basis and the True Market Mean report.
The STH Cost Basis tracks the average entry of coins held less than 155 days. These holders react fast to retests and often sell at break-even in downtrends explainer.
The True Market Mean estimates the network’s break-even for active participants methodology.
Glassnode places the True Market Mean at $78,000 and the STH Cost Basis at $79,000. Price failed there last week source.
“This behavior is a textbook pattern in bear markets, where price approaches the breakeven level of the most price-sensitive cohort, the incentive to exit positions overwhelms incoming demand, exhausting upside momentum.”
After rejection, Glassnode maps the next level at -1 standard deviation of the STH Cost Basis, around $68,000. This band has often served as support in prior cycles source.
STH realized profits spiked into the rally, showing supply from recent buyers as price climbed chart.
Bitcoin trades near $76,400 after the pullback. See the latest chart below.
- True Market Mean: $78,000 Glassnode
- STH Cost Basis: $79,000 Glassnode
- Next support (-1 SD of STH): ~$68,000 Glassnode
- BTC price: ~$76,400 live chart