On October 10, Glassnode analysts expressed that despite fluctuations in Bitcoin prices, the recent market activity demonstrates resilience. They noted that declines in this bull cycle have been relatively small and follow patterns observed in previous uptrends.
In its Wednesday newsletter, Glassnode reiterated that, despite a recent pullback, the overall Bitcoin market maintains consistency with historical bull market structure. This reflects both the elastic demand and the limited size of the recent correction. Moreover, the report highlights that Bitcoin has faced corrections, but they have been milder in comparison to previous cycles.
“The maximum drawdown was somewhat smaller than typically seen in previous bull markets,” according to the analysts, who point out that demand-side dynamics help mitigate deeper declines. The analysis focuses on two key metrics: True-Market Mean and Active Investor Price. The True-Market Mean estimates the average cost basis for investors, while the Active Investor Price identifies the average cost basis of investors who have been actively trading in recent months.
Spot prices have generally been above these two levels since the start of the year, with only brief exceptions. The report suggests that this indicates a solid base of support that could stabilize the market in case of a price drop.
Source: [The Block Beats](https://m.theblockbeats.info/news/266274)