Analyst: $75,000 is the Current Defensive Zone for Bitcoin Bulls

The market generally believes that any bearish movement caused by unchanged Federal Reserve rates has already been reflected in Bitcoin's price. Onchain analyst James Check noted that the true bottom for Bitcoin is at its real market mean, which is the average cost basis of active investors—around $65,000. He added that $75,000 is the defensive zone for Bitcoin bulls in the current market. If this defense is unsuccessful, the next step will be to return to the liquidation consolidation range to see how far it can ultimately go.