Bitcoin Price Resembles Early 2022 Pattern as Supply Under Water

Bitcoin recently experienced two weeks of price declines, reaching a point where traders are both wary and intrigued. It has hovered near the True Market Mean, marking the cost basis for active coins minus miners. This level acts as a dividing line between periods of light bear market phases and deeper downturns. The current price sits above this level but closely mirrors the structure observed in early 2022. Spot price dipped under the 0.75 supply quantile by mid-November, trading near $96,100, putting more than 25% of Bitcoin’s total supply underwater.