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A pullback in Bitcoin to $75,800, the short-term holder realized price, would still count as a healthy correction within an ongoing uptrend, according to on-chain analytics firm Glassnode.
Glassnode said Bitcoin is currently retesting the True Market Mean, an on-chain metric, as resistance. If BTC fails to reclaim that resistance and falls to the average entry price of short-term holders, that would still fit a typical retest pattern, Glassnode said. The firm added a similar correction occurred in mid-September after Bitcoin failed to overcome resistance, though BTC went on to break above its previous high again within days.
The True Market Mean is an on-chain indicator that estimates the average on-chain purchase price of investors who are actively participating in the Bitcoin market.