Glassnode: Bitcoin Holds ETF Cost Basis Twice, Next Key Support Watched at $77,500

Odaily News: On-chain data analytics firm Glassnode says Bitcoin (BTC) has recently rebounded from its ETF cost basis level, which now serves as an important market support.

Glassnode notes that Bitcoin traded below this cost basis level for most of the year, and the May rally was also rejected below this zone. Bitcoin has now found support twice near approximately $81,500.

If this support fails, Glassnode identifies the next important level to watch as the "True Market Mean," currently at around $77,500.