Bitcoin‘s (CRYPTO: BTC) bottoming process is advancing but not yet complete, blockchain analytics firm Glassnode wrote on Wednesday, identifying three signals that still need to confirm before a genuine recovery can begin.
Five Months Below Key Cost Levels Is Historically Rare
Bitcoin has traded below both the True Market Mean at $76,600 and the Short-Term Holder Cost Basis at $72,200 for roughly five months, one of the longest stretches of deep value in Bitcoin’s history.
Price bounced from $58,300 to $64,400 over the past week, but that recovery still leaves it firmly below both levels and structurally exposed to any fresh negative catalyst.
Glassnode noted that prolonged accumulation at such a discount has historically served as the foundation for cyclical bottoms.
