Glassnode says BTC falls below TMM range floor, with downside risk to $71.3K

Bitcoin has slipped below the lower end of the range it had held since late August and was trading near $76,000 after falling about 4.6% on the week, according to a Glassnode report. The report said the price was slightly below the range floor maintained since late August and has remained under that level after declining alongside the U.S. Senate vote on the Clarity Act. It added that BTC was trading about 1% below the True Market Mean, or TMM, at $76,700, which reflects the average acquisition price of active BTC excluding long-dormant holdings. Glassnode said the next key level to watch is around $71,300, the short-term holder cost basis, which represents the average purchase price of Bitcoin bought over the past five months.