Glassnode co-founder Rafael Schultze-Kraft stated that Bitcoin's recent price dip has entered a rare zone that historically marks market bottoms. Glassnode metrics identify the $46,000 to $54,000 range as the most likely bottom zone for the cryptocurrency. Additionally, Capriole Investments founder Charles Edwards noted that Bitcoin's price has returned to its current production cost level.
Bitcoin demand contracted by 652,000 units in early June, raising concerns over recovery momentum despite metrics signaling a potential price floor.
Read the full storyCharles Edwards notes Bitcoin has reached its electrical production cost, a level that historically serves as a price floor and prime accumulation zone.
Reflecting strong upward momentum in the crypto market, Bitcoin has entered a new phase of testing higher support levels after clearing previous consolidation zones.