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Bitcoin has held around $82,000 while spot ETF inflows continue, but implied volatility has fallen to its lowest level in three years and selling by long-term holders has persisted, according to a CoinNess analysis citing Bitwise.
Bitwise said BTC’s key downside support levels appear to be $74,800, the average cost basis for short-term holders, and $77,600, the market-wide average cost basis. Bitwise added BTC’s implied volatility has dropped to an extremely low level, and while spot ETFs saw net inflows of $1.074 billion this week, the asset has continued to trade sideways as profit-taking by long-term holders has increased and distributed selling has emerged.