Bitcoin Bounces Off $74K as Bulls Accumulate Across Altcoins

Bitcoin turned down from the $74,000 level as bears defended rallies. Glassnode notes BTC is stuck between the realized price (average acquisition cost of all circulating supply) at $54,400 and the true market mean (the cost basis of actively transacted coins) at $78,000, making rally attempts likely to face rejection near $78,000.

Historical data from Binance Research shows drawdowns of 56%, 73% and 64% during the 2014, 2018 and 2022 US midterm years, though the two years following midterms have delivered substantial gains. Despite that uncertainty, BTC has emerged as the best-performing macro asset since the start of the US and Israel-Iran war, which suggests investors are not panicking and increases the likelihood of a bottom forming.

On the charts, BTC rallied toward overhead resistance at $74,508 where sellers are mounting a strong defense.

United States

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