The leading cryptocurrency, Bitcoin, experienced a sharp pullback yesterday evening after approaching $85,000, falling back below $82,000. This rapid decline has unnerved the market, and analysts have offered their assessments of the current situation.
Accordingly, Glassnode was the first to indicate $70,000 for BTC in a post from its X account.
There’s a $70,000 Risk in Bitcoin!
Glassnode, an on-chain analytics company, announced that Bitcoin has retested the $81,000 level, which stands out as the average cost floor for spot ETF investors.
The company noted that this level acted as resistance, limiting the rise in May, but also supported the recovery after a brief pullback last week.
According to Glassnode, a clear close below $81,000 for Bitcoin could increase selling pressure, potentially pushing the price down to the $70,000 level. Therefore, investors are closely watching whether the critical $81,000 cost zone can be maintained.
Analyst Says $83,000 is a Critical Threshold for Bitcoin!
According to one analyst, the $83,000 level could be decisive in Bitcoin’s next price move. On-chain analyst Murphy, in his assessment based on Glassnode data, pointed to the concentration of supply in this price region.
The analyst stated that buying and selling pressure would be decisive, noting that on-chain activity increased in the $79,000-$82,000 range after Bitcoin fell below $83,000 on October 8th.
According to the analyst, this situation has led to a concentration of supply in the region. While Bitcoin’s resistance to further decline keeps the possibility of a new uptrend alive, he says that the direction of a new trend could be determined depending on whether buying or selling pressure prevails at the $83,000 level.
*This is not investment advice.
Continue Reading: Bitcoin (BTC) Price at a Critical Junction: Analysis Company Warns, Reveals Critical Levels!