Bitcoin rebounded from a steep June decline, but Glassnode data shows the asset remains below key recovery levels
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Bitcoin has stabilized after a sharp selloff that coincided with rising geopolitical tensions and a broad retreat in risk assets.
Key facts
The conditions required before a credible transition to a pre-bull phase can be considered are specific and measurable: a reclaim of the True Market Mean near $77.2k, Short-Term Holder MVRV back above 1.0, and Realized Cap turning positive on the 90-day horizon
Currently at $77.2k, it sits roughly 15% above spot near $65.6k, placing the market firmly in discount territory
Short-Term Holder Market Value to Realized Value (MVRV), a metric that compares the current value of coins held by recent buyers with the price they paid for them, improved from 0.81 to 0.90
Bitcoin remains above a key support zone despite a Federal Reserve-driven pullback, while 21Shares sees a potential path to $100,000…
Summary
Bitcoin rebounded from a steep June decline, but Glassnode data shows the asset remains below key recovery levels. A reclaim of the True Market Mean, a return of recent buyers to profitability, and renewed capital inflows would strengthen the case for a sustained recovery. On-chain data analytics firm Glassnode’s June 17 market report showed bitcoin rebounding after a sharp June decline that pushed prices to their lowest levels in months. “The True Market Mean tracks the average acquisition price of actively transacted coins, and historically serves as the threshold between bear and bull market regimes,” Glassnode explained.