The battle between Bitcoin buyers and sellers continues as BTC price falls closer to a key support level.
Bitcoin’s recent recovery above $63,000 was an attempt to reclaim the short-term holder (STH) cost basis, but according to Glassnode analysts, a key onchain metric reveals that BTC is resting on “delicate ground.”
This recovery, which saw Bitcoin (BTC) rise from a low of $59,850 on Oct. 3, to a seven-day high of $64,444 on Oct. 7, saw BTC rise above its STH cost basis, which currently sits at $62,500.
“If the market fails to hold above this level, however, it will put a large cohort of recent buyers under increasing pressure, Glassnode analysts said in an Oct. 8 report.
