$BTC Slides Below 85th Percentile Cost Basis
The plunge from the Bitcoin’s ($BTC) 85th percentile cost basis around $109K is raising market-wide concerns. As a result of this, the price of the leading crypto asset is hovering around $103K and faces apprehensions about the continuation of the ongoing downtrend. This market scenario could lead to the next percentile cost basis.
Based on the market statistics, Bitcoin ($BTC) could soon dip to the 75th percentile cost basis if the present decline continues. The respective level is standing at around up to $99K. Historically, this spot has notably cushioned Bitcoin’s price pullbacks. At the same time, touching the 75th percentile cost basis suggests that a great number of $BTC holders are approaching breakeven zone.
Leading Crypto Eyes Rebound from $99K
According to Glassnode, amid the slip from Bitcoin’s 85th percentile cost basis, the top crypto asset is facing increased volatility. Hence, while Bitcoin ($BTC) is continuously slumping, the next and 75th percentile cost basis could serve as a technical and psychological support territory. However, on the other hand, failing to hold on to this level may expedite downside momentum. Keeping this in view, if Bitcoin rebounds from $99K, it could denote renewed holder confidence. Nevertheless, consistent weakness below it may drive wider market structure reevaluation.
