Bitcoin is “range-bound under pressure,” having broken below the “True Market Mean,” slipping into a “defensive range toward the Realized Price,” of around $55,000, reported Glassnode on Wednesday. The on-chain analytics provider remained bearish, noting that demand across spot and derivative markets was weak.
“Spot flows and ETF demand remain weak, accumulation is fragile, and options positioning shows panic hedging fading, but not renewed bullish conviction.”
Glassnode noted that historically, deeper bear market phases have found their lower structural boundary around the Realized Price. This is a measure of the average acquisition cost of all circulating coins, which now stands near $54,900.
This level is almost 18% lower than current prices and would put the fall from peak to 56.4%, which is much shallower than the last two bear markets.
Market in Controlled Consolidation
The analysts also noted that the Accumulation Trend Score sits near 0.43, well short of the
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