Bitcoin Price Drops to $87,000 as On-Chain Metrics Signal Potential Decline

Bitcoin's price has dropped to approximately $87,000, with indications from on-chain data suggesting a potential further decline.

Key Points

Glassnode reports that Bitcoin lost a crucial support level post-crash.
The Realized Price for short-term holders (STHs), who bought in the last 155 days, is now at $92,500.
Current trading below this price indicates an average loss of over 6% for STHs.
If the STH cost basis isn't reclaimed, ongoing sell pressure is likely from recent buyers.
Historical patterns suggest Bitcoin may fall toward the $71,000 to $72,000 range based on past corrections.
Cost Basis Distribution shows weak support below $87,000, indicating increased bearish control.

As of now, Bitcoin trades around $87,200, reflecting a more than 7% decrease over the past week.