On-chain analytics company Glassnode reported that Bitcoin (BTC) continues its sideways price movement in the short term and has yet to break through the critical resistance zone between $87,000 and $87,800. According to the company, a breakout from Bitcoin’s current trading range could significantly increase price volatility in the market.
Glassnode, in its analysis published on the social media platform X, noted that the Bitcoin price has recently continued to move within a certain range.
The analysis firm stated that the levels between $87,000 and $87,800 represent significant resistance in terms of short-term price movements.
This price range was also identified as a critical resistance zone in a report jointly published last month by Glassnode and Coinbase Institutional.
According to Glassnode, if Bitcoin breaks through this zone and exits its current sideways movement, market volatility could increase significantly. Such a development could lead to more volatile short-term price movements.
However, the analysis firm reported that additional selling pressure intensified in the region near the $90,000 level.
This suggests that even if Bitcoin breaks above the $87,800 resistance level, the upward movement could encounter a new hurdle around $90,000.
Two key price zones highlighted in the analysis are important for investors to assess the short-term market direction. First, whether the $87,000-$87,800 range can be breached, and then how the selling pressure around $90,000 will be met.
Glassnode’s assessment focuses on the potential for increased price volatility following a breakout, but does not include a prediction of exactly which direction Bitcoin will move.
The market’s reaction to current resistance levels could be decisive in shaping short-term price movements.
*This is not investment advice.
Continue Reading: On-Chain Analytics Company Glassnode Reveals Resistance Level Where Volatility Will Increase in Bitcoin! Here Are the Details