On-chain data suggests Bitcoin's floor price is near $55K

Bitcoin's on-chain floor price is $54,900, Cointelegraph reported, citing a recent analysis by Glassnode. The analytics firm noted that BTC entered a correction phase after falling from $79,000 in January and is currently consolidating in its 2024 support range between $60,000 and $69,000, a level being defended by medium-term holders. However, Glassnode explained that if this support fails, the price could see a further decline to its realized price of $54,900. The firm added that exchange inflows are decreasing while coins continue to be absorbed by long-term holder addresses, reducing the circulating supply on the market.