Matt Mena says Bitcoin's key support sits near $80,000 as recovery lags 2023

The story so far: Bitcoin tests ETF cost basis

Glassnode said Bitcoin was retesting the roughly $81,000 cost basis of ETF holdings, a level that capped its May rebound. Bitcoin has pulled back to about $80,800, with the average spot ETF cost basis near $81,500 and buyers' breakeven around $87,000. Matt Mena of 21Shares now puts key support near $80,000…

1. 22 Oct 202610:12 UTC

   Glassnode says Bitcoin is retesting $81,000 ETF cost basis

   Glassnode says Bitcoin is again testing the roughly $81,000 cost basis of ETF holdings, a level that capped its May rebound and was briefly breached last week before recovering. A decisive close below it could send the price toward the $70,000 range, Glassnode says.

   BitcoinPANewsAIBearish

2. 28 Oct 202601:54 UTC

   Bitcoin faces resistance at $87,000 as Glassnode flags ETF cost basis near $81,500

   Bitcoin has pulled back to about $80,800, with Glassnode data showing buyers from the past two years have a breakeven near $87,000, where selling capped two rebounds this year. The average spot Bitcoin ETF cost basis is about $81,500, leaving those investors in loss on average, while Polymarket prices a 17% chance of $100,000 this year.

   BitcoinCoinNessAIBearish

3. 29 Oct 202612:35 UTC

   Matt Mena says Bitcoin's key support sits near $80,000 as recovery lags 2023

   Bitcoin's rebound is weaker than in 2023, gaining 38% from its low versus about 75% then, with Glassnode data showing volatility near 25%. Matt Mena of 21Shares says key support is around $80,000, with $77,000-$78,000 and $75,800 possible if it fails.

   BitcoinCoinNessAIBearish