Bitcoin has approached a retest of the $28,000 mark in the past day as on-chain data shows that large investors have been accumulating the asset.

Bitcoin has been forced to make a retest of the $27,000 level in the past day as the miners have participated in a large selloff.

On-chain data shows the Bitcoin Spent Output Profit Ratio (SOPR) is nearing a retest of a very important line.

On-chain data shows Bitcoin is now retesting the cost of production price for miners, suggesting that this cohort may soon finally find some relief