Glassnode analyzed that Bitcoin has fallen below the lower bound of the range it has maintained since late August. The report states, "Bitcoin is trading around $76,000, having fallen by approximately 4.6% on a weekly basis. This is slightly below the lower bound of the range maintained since late August, and it has continued to trade below this price after showing a decline following the US Senate's Clarity Act vote." It further explained, "This is about 1% lower than the True Market Mean (TMM) of $76,700, which represents the average acquisition cost of active BTC excluding long-term inactive supply. The next price level to watch is the Short-Term Holder Cost Basis price, formed around $71,300. This represents the average acquisition price of Bitcoin purchased over the past five months."
