On-chain data shows Bitcoin is currently retesting a historically significant level that has often decided the course of the cryptocurrency’s price.
Bitcoin Is Retesting The 0.85 Supply Quantile
In a new post on X, on-chain analytics firm Glassnode has talked about how Bitcoin is retesting a level that has historically been a “make-or-break” one for the asset.
The level in question is part of Glassnode’s “Supply Quantiles Cost Basis Model.” The model reflects price levels corresponding to important investor profitability thresholds.
Below is the chart shared by the analytics firm that shows how the levels of this model have changed over the last few years.
As is visible in the graph, Bitcoin surged above the 0.95 quantile during the recent rally to the all-time high (ATH). This level corresponds to 95% of the supply being in profit.
With the market downturn that has followed since, however, the cryptocurrency has slipped under the level. Recently, the asset ha
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