2023-9-1 16:00 |
Quick Take
The current trading position of Bitcoin paints a rather bearish picture as it lingers below multiple moving averages and cost basis.
Hovering around the $26,000 mark, Bitcoin is trading below the short-term holder cost basis of $28,247. This cost basis is significant as it is the average on-chain acquisition price for coins stored outside exchange reserves and moved within the last 155 days.
These coins are most likely to be spent on any given day, indicating a heightened level of potential market activity.
Pricing Models: (Source: Glassnode)In addition, Bitcoin is also trading below the 111 Day Moving Average (DMA), which is priced at $28,302.
The 111 DMA is a key indicator capturing the short-to-mid-term market momentum, further highlighting the bearish position of Bitcoin. The 200-day moving average, standing at $27,510, and the 200-week moving average, at $27,251, are other benchmarks that Bitcoin currently fails to surpass, reinforcing the bearish condition.
Pricing Models: (Source: Glassnode)The post Bitcoin’s bearish stance underlines market disquiet as it trails key averages appeared first on CryptoSlate.
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