Odaily News Glassnode analysts say that despite the volatility in Bitcoin prices, recent Bitcoin market activity reflects a degree of resilience. They added that the declines in this bull cycle have been relatively minor and continue to follow the patterns observed in previous market uptrends. Wednesday's Glassnode Onchain Newsletter noted that despite the recent pullback, the overall structure of the Bitcoin market remains consistent with historical bull markets, reflecting both the resilience of demand and the limited size of the recent correction. The report emphasizes that although Bitcoin has experienced adjustments, these adjustments have been much milder than in previous cycles. "The maximum declines were somewhat smaller than what is typically seen in previous bull markets," the analysts wrote, suggesting that demand-side dynamics played a role in mitigating deeper declines. Two key metrics highlighted by Glassnode are the True-Market Mean and the Active Investor Price, both of which help estimate the average cost basis of Bitcoin investors in the current market cycle. The True-Market Mean reflects the average price that all market participants have received Bitcoin over a period of time; on the other hand, the Active Investor Price focuses specifically on the average cost basis of investors who have actively traded in recent months. Since the beginning of the year, spot prices have generally remained above these two levels, with only brief exceptions. The report said this indicates the existence of a strong support base that helps stabilize the market when prices fall. (The Block)