Bitcoin Trades Below Key Cost Basis Levels
- Bitcoin trades below crucial cost basis of $113.6k, $115.6k levels.
- Short-term holders engage in modest profit-taking.
- Institutional focus shifts towards altcoins.
Bitcoin trades below crucial cost basis levels of $113.6k and $115.6k for short and medium-term cohorts, as reported by Glassnode using current on-chain data.
The market observes cautious profit-taking amid an investor shift towards altcoins, suggesting potential volatility and changing institutional strategies ahead of the anticipated Q4 macroeconomic developments.
Bitcoin is trading below the $113.6k and $115.6k cost bases for short-term holders, according to Glassnode’s on-chain data. Short-term holders are showing modest profit-taking while attention shifts towards altcoins.
Glassnode remains the primary source for insights into Bitcoin’s trading dynamics. Analyst Paul Howard notes Bitcoin’s current pricing aligns with their earlier projected range. Paul Howard, Analyst, Wincent, “BTC’s bounce off $110k keeps it within our predicted $110,000-120,000 trading range for Q3. Those who scooped some at the monthly lows should be well positioned as we move into September.” The community observes potential volatility as institutional investors realign portfolios.
Institutional activity is visible in BTC whale wallet rotations into altcoins like ETH and AVAX. This trend indicates a possible shift in focus, possibly suggesting forecasted volatility or renewed interest in Bitcoin investments ahead of Q4. Bitcoin trades below key resistance levels; altcoins gain investor interest.
Experts predict that Bitcoin’s current trading range of $110k-$120k could impact upcoming institutional strategies and market sentiment. The key resistance at $113.6k might play a significant role in future price movements.
Historical data shows previous sell-offs influenced short-term profit spikes and liquidity management. Analysts expect these factors to continue shaping market behavior. Bitcoin’s resistance testing might be paired with increased altcoin interest as institutional activities evolve.
Potential regulatory updates or technological advancements may influence Bitcoin’s future performance metrics. Ongoing crypto market trends and financial analysis signify a volatile yet strategic investment landscape supported by Glassnode’s frequent data releases and market insights.
