On-chain analysis platform Glassnode shared that area that could provide a buying opportunity for Bitcoin investors.
Despite the decline in Bitcoin prices, short-term investors still have 7.9% unrealized profit (paper gain), according to data provided by Glassnode.
According to Glassnode, this situation once again demonstrates that investors are holding their Bitcoin at an average cost above current market prices.
According to his analysis, the total cost basis for short-term investors currently stands at $86,800, a price level considered a critical area of interest and support for local price action.
Investor behavior at this level could play a significant role in Bitcoin’s market momentum and present investors with a significant buying opportunity.
In cryptocurrency markets, investor cost base and unrealized profit rates have become important indicators for understanding market sentiment and potential price reversal points. Glassnode’s data reveals that these levels can be decisive, especially in the strategies of short-term investors.
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