Bitcoin still fluctuates under $60,000, and prices are between resistance above and support on the main chain below. CoinDesk states that this zone means that the market has not regained its critical position and that the short-line movement remains weak.

Many of the above indicators remain uncollected

Currently, a number of commonly used techniques and chain-based valuation indicators are above current prices. It was reported that True Mean Price was approximately $763 million, that the average of 200 days was approximately $755 million, that the average of 128 days was about $709 million and that the cost to short-term holders was about $696 million.

These indicators correspond to market costs at different dimensions. Of these, in particular, 200 average daily and short-term holder cost values are generally considered as important reference points for judging medium- and long-term trends and short-line hold pressures. Bitcoin was unable to re-establish these positions, indicating that market purchases remained inadequate.

The bottom support is around $50,000.

The main chain at the bottom of the current price is closer to $50,000 than the resistance above. The long-term holder cost is about $499 million, Coin Time Price is about $5.17 million and Realized Price is about $5.32 million.

This means that, if bitcoin continues to fall, the support areas that are of greater market interest may not be 58,000 or $59,000, but lower chain-intensive. The above indicators broadly reflect the average cost of long-term currency holders, the value of the currency-age-adjusted network and the average price of bitcoin in circulation at the time of the last shift in the chain.

The lower end of history.

It was also mentioned that in previous rounds of major bear market bottoms, bitcoin prices usually fell below these key chain valuation indicators by about 5 to 10 per cent. If this historical relationship re-emerges, the staged bottom could fall near $45,000.

However, this calculation is based on historical comparisons and does not mean that the price must have touched the position. As far as the current structure is concerned, bitcoin is still in the middle of an unsupported and unrecovered critical resistance, and the market will continue to focus on its ability to re-establish its short-term holder cost and main average.