Bitwise’s Bitcoin analysis published today notes that despite the price being confined to a narrow range, there is a significant divergence among investor groups.
The company stated that Bitcoin ETF investors are showing resistance around the approximately $82,000 cost zone. Below this, short-term investors are drawing attention to the “True Market Mean” indicator around $77,600, with a cost level of approximately $74,800.
According to Bitwise, these two indicators are important for assessing the short-term direction of the market. In particular, the indicator around $77,600 stands out as one of the reference points used to monitor the profit and loss status of invested capital.
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Another notable point in the report was the tightening of volatility. It was stated that Bitcoin’s 30 and 60-day trading ranges narrowed to 1.8% and 3%, respectively. The expected volatility in the options market was also noted to be approaching the lowest levels of its three-year spread.
In contrast, the negative net position change of long-term investors indicates that this group is diversifying its holdings. Bitwise assessed that these sales could contribute to the price remaining relatively flat.
*This is not investment advice.
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