Bitcoin’s recent recovery was an attempt to reclaim short-term investors’ cost basis, but according to Glassnode analysts, a key on-chain metric suggests BTC is on “fragile ground.” Rising from $59,850 on Oct. 3 to $64,444 on Oct. 7, BTC has broken above its short-term investor cost basis, which currently sits at $62,500. However, if the market fails to sustain above this level, new buyers could come under increasing pressure. According to Glassnode’s analysis, the spot price of BTC is in a large cluster of coins between $52,000 and $63,000, suggesting that price changes could impact the profitability of many investors. We welcome your comments.