Bitcoin rebounded on June 17 2024 after a steep price drop that pushed the cryptocurrency to multi‑month lows, according to Glassnode’s latest market analysis.
On‑Chain Benchmarks
Glassnode’s June 17 report highlighted that Bitcoin’s price settled around $65,600, still well beneath the True Market Mean of $77,200. The True Market Mean, which tracks the average acquisition price of actively transacted coins, traditionally separates bull and bear market regimes.
At $77,200, the benchmark sits roughly 15 % above the spot price, indicating that the market remains in a discount zone. The metric’s distance from current levels suggests lingering bearish pressure despite the short‑term bounce.
Investor Sentiment
Short‑Term Holder MVRV rose from 0.81 to 0.90, yet it stayed under the 1.0 break‑even line, meaning recent buyers continue to face unrealized losses. Glassnode estimates the cost basis for this cohort near $72,600, leaving newer investors still underwater.
Even with the recovery, blockchain data shows investors are navigating conditions typical of bear markets, and crypto traders remain cautious about further price movements.