Key takeout
- Bitcoin is below the 0.95 cost-based quantile, which is a level linked to profit-earning activities.
- Below this threshold could lead to an increase in the downside of Bitcoin, with key support ranging from $105,000 to $90,000.
According to data from Blockchain Analytics Firm GlassNode, Bitcoin today falls below the 0.95 cost-based quantile and has entered a zone that is usually associated with profitable activities.
Failure to regain this threshold could result in a lower support level for Bitcoin Tests between $105,000 and $90,000. However, the success in exceeding the cost-based quantile of 0.95 indicates the strength of the new market.
Cost-based quantiles serve as key metrics for measuring market risk levels and potential price action zones for key digital assets.
