Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
Bitcoin has regained buying support around $80,000 after a sharp drop, while a move above the $85,000-$87,500 range and upcoming macro events are emerging as key factors for the market’s next direction, Glassnode said.
Glassnode said Bitcoin fell to around $80,000 on Oct. 15, local time, slipping slightly below the average entry prices of U.S. spot ETFs and corporate treasuries, but buying at that level recovered within days. The firm said the average cost basis of holders with six to 12 months of holdings, sell-order supply, and large liquidation volumes are now concentrated in the $85,000-$87,500 range. It added that the Federal Reserve’s rate decision on Oct. 28 and MSCI’s announcement of stocks to be removed from its indexes on Nov. 11 are key variables, with Strategy (MSTR) potentially among the names to be excluded.
Glassnode added overheating in the altcoin market and funding rates have eased from their peaks. Open interest, however, has declined only slightly, suggesting leveraged positions in the market remain largely intact.