Bitcoin’s bearish stance underlines market disquiet as it trails key averages

Quick Take

The current trading position of Bitcoin paints a rather bearish picture as it lingers below multiple moving averages and cost basis.

Hovering around the $26,000 mark, Bitcoin is trading below the short-term holder cost basis of $28,247. This cost basis is significant as it is the average on-chain acquisition price for coins stored outside exchange reserves and moved within the last 155 days.