The Bitcoin price continues to dance within the newly formed $80,000 – $85,000 range, showing some level of indecisiveness in its movement. Since the premier cryptocurrency lost its hold above $90,000, investors have wondered whether the ongoing correction is a “buy the dip” opportunity or the market top is in.
While there is no surefire way to put these doubts away, on-chain data can provide relevant insights into what is to come. The latest on-chain data suggests the highlighted level below is the one to watch before investors return to the market.
Level To Watch Before ‘Buying The Dip’
In a recent post on the X platform, crypto analyst Maartunn shared that it might not be technically secure to reenter the Bitcoin market at the current price. This analysis is based on the movement of the Bitcoin price relative to the current value of the short-term holders’ (STH) average cost basis.
The STH average cost basis metric estimates the average price at which short-
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