. The current price action reflects the “apathy and boredom” that dominate the market, but onchain metrics hint that Bitcoin is prepping for a “larger move” in the near future, according to a Glassnodeon March 5. Bitcoin has since corrected, dropping below the $60,000 level thrice over the last ten days, leading to “fear and bearish” sentiments as apathy took over.
According to the data aggregator, when the spot price oscillates between the all-time high and the True Market Mean, it suggests an “enthusiastic bull market.” According to the chart below, the True Market Mean is valued at $50,000, representing the average cost basis per active investor. “Psychologically, breaking the 60,000 Bitcoin price would be damaging, as prices could drop quickly to the nearest support level, which might be $55,000 or even $50,000.”After several months of range-bound price action, Glassnode analysts noted a decline in volatility across multiple time frames. Bitcoin’s Realized Volatility across 1-week, 2-week, 1-month, 3-month, 6-month and 1-year timeframes exhibits negative 30-day change.
If this compression happens after such lengthy consolidations, it usually means that the price is readying for “large market moves.”
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