TREE NEWS reports: Glassnode’s week-38 on-chain report says bitcoin never closed a day below its realized price during this bear market and has reclaimed both the true market mean and the long-term holder cost band. The June low held above realized price, making it the shallowest of the last three bear-market lows. The next major on-chain resistance sits at the mean MVRV price near $96,700, where options dealer hedging clusters around $95,000.
Glassnode: Bitcoin Never Closed Below Realized Price in This Bear Market; $95K-$97K Is Next Test
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AI take
The notable point is structural rather than directional: a bear-market low that never closed below realized price implies holders absorbed losses without capitulating at the aggregate level, which is a different regime from the prior two cycles. The $95K–$97K zone matters because on-chain resistance and options-dealer hedging are converging there, a setup that often produces sharper, more reflexive moves than either signal alone. Whether that confluence is absorbed or rejected is the open question for the next phase.
Generated by AI for reference only.
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