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BTC Glassnode: If Bitcoin falls below the current range, the next key support level is US$75,000.
Cryptocurrency analysis firm Glassnode points out that if Bitcoin prices fall below the current trading range, the key support level that investors should pay close attention to is US$75,000. The company said that although Bitcoin still has buyers at its current price, long-term holders are facing strong resistance from high-cost areas.
Glassnode data shows that Bitcoin is facing significant cost-based resistance, especially in the $83,000 to $86,000 range. Data shows that long-term investors purchased approximately 1.07 million BTC units within this price range, and the cost is mainly concentrated at around US$85,000. Therefore, the $83,000 to $85,000 area is seen as an important "supply wall" to limit Bitcoin's rise.
However, Glassnode also notes that investors continue to increase their holdings of Bitcoin at current prices. Maintaining this newly formed accumulation zone in the market is crucial to the short-term market outlook.
First main support level: US$75,000
According to the analyst firm, if Bitcoin falls below the above accumulation zone, the first main support level will be around US$75,000. If selling pressure intensifies further, the depth of the correction could extend to around $60,000.
One of the key catalysts for recent selling pressure on Bitcoin has been U.S. inflation data. The U.S. producer price index (PPI) recorded 5.4%, beating market expectations of 5.3%, hitting its highest level in nearly two months, triggering a wave of selling in risky assets.
The above content does not constitute investment advice.
