Bitcoin has recently dipped beneath the 0.95 Cost Basis Quantile, a point often linked to profit-taking behavior, as reported by blockchain analytics company Glassnode.
If Bitcoin remains below this crucial level, it might face increased pressure to test lower support zones ranging from $105,000 to $90,000. Conversely, if it manages to rise above the 0.95 Cost Basis Quantile again, it could signal a resurgence in market strength.
The Cost Basis Quantile is an essential indicator used to assess market risk and identify potential price movement areas for Bitcoin, the leading cryptocurrency.