Bitcoin Recovery Needs This To Happen, Glassnode Analyst Reveals
The lead research analyst at Glassnode has highlighted how the Bitcoin supply clustered at the top levels might have to shift down before a sustained recovery can take shape. Bitcoin Cost Basis Distribution Shows Massive Supply Above $80,000 In a new post on X, Glassnode lead research analyst CryptoVizArt has discussed how the Bitcoin supply is looking from the perspective of the Cost Basis Distribution (CBD). The CBD is an on-chain indicator that tells us about the amount of BTC that was purchased at each of the levels that the cryptocurrency has visited during its history. Below is the chart for the metric shared by CryptoVizArt. Related Reading: Dogecoin Tests Channel Floor Again: Breakdown Or Rebound? As is visible in the graph, there is a decent amount of Bitcoin supply that was purchased at recent price levels. This supply cluster has built up as the asset has consolidated in the region since February. While this cluster isn’t small, it’s still less dense than some other zones. F