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Crypto

Bitcoin $87,700 level emerges as resistance, with ETF average buy price also a factor

Bitcoin is facing strong resistance near $87,700 as selling by some investors outweighs new demand, Cointelegraph reported, citing Glassnode. Break-even levels for 6 to 12-month holders and 1 to 2-year holders are $87,700 and $99,500, respectively, and rallies have faltered when prices approached these cost bases. Key support is seen around $80,000 to $81,500, overlapping spot bitcoin ETF average buy prices and order-book bids.

Crypto

XRP rebound signal emerges, but exchange supply overhang rises

XRP’s 365-day market value to realised value (MVRV) ratio has fallen below 1, signalling a potential bottom, but a large amount of tokens sitting on exchanges could limit any near-term recovery, an analysis showed. The ratio slipped to about 0.92 as XRP traded near $1.33. That implies holders who bought within the past year are, on average, in an 8 percent loss zone. Exchange-held supply worth $15.7 billion and leverage risks were cited as headwinds.