#bitcoin
đ Bitcoin in a correction phase: Will the âdiamond handsâ hold the price of $60,000?
A fresh report from Glassnode shows that the $BTC market has entered a compression and accumulation phase. After losing a key support level at the beginning of the year, Bitcoin is looking for a new âbottomâ.
đ The main points of the analysis:
âą Key levels: In January, BTC broke through the average market value of active supply ($79,000). The main battle is now unfolding within the range of $60,000 - $69,000. This is the most densely traded area of ââ2024, where many coins have already âagedâ by 1 year+.
âą Bearish scenario: If the current support is not included, Glassnode points to the ârealized priceâ (the average purchase price of all coins on the network), which is currently worth about $54,900 (20% below current values).
âą Accumulation continues: As the price falls, the number of BTC in wallets for accumulation has increased to 4 million BTC. Retail investors and supporters of the DCA strategy are actively buying up the supply.
âą Decrease in exchange activity: The inflow of coins on the exchange has fallen by 3-4 times from the peaks of 2023-24. This is known to indicate that the liquid supply is decreasing - coins are going into "cold" storage.
â ïž Conclusion:
We are observing a classic divergence: activity on exchanges is fading, but long-term holders continue to absorb the supply. The market is in a "patience" phase, where $60k acts as the main psychological and technical bastion.
