Analysis Firm Reveals the First Support Level to Watch Going Forward

<a href="https://xpertsstudio.com/dogecoin-drops-5-as-bitcoin-holds-78k-amid-oil-surge/” title=”Dogecoin Drops 5% as Bitcoin Holds $78K Amid Oil Surge”>Bitcoin Price Down: Analysis Firm Reveals the First Support Level to Watch Going Forward

Cryptocurrency analytics company Glassnode has stated that the next key support level investors should watch if Bitcoin falls below its current price range is $75,000. According to the company, while Bitcoin continues to find buyers at current levels, long-term investors are facing strong resistance from a high cost zone.

Glassnode data shows that Bitcoin is facing significant cost-based resistance, particularly in the $83,000 to $86,000 range. It’s noted that long-term investors have purchased approximately 1.07 million BTC in this price range, with costs most heavily clustered around $85,000. Therefore, the $83,000-$85,000 region is considered a significant supply wall limiting Bitcoin’s upward movement.

However, Glassnode noted that investors continue to accumulate Bitcoin at current price levels. Maintaining this emerging accumulation zone in the market is critical for the short-term outlook.

“First Major Support Level for Bitcoin: $75,000”

According to the analysis company, if Bitcoin falls below this accumulation zone, the first major support level is around $75,000. If selling pressure intensifies further, the correction could deepen to around $60,000.

One of the key catalysts for the recent selling pressure on Bitcoin was the inflation data from the US. The US Producer Price Index (PPI) coming in at 5.4%, exceeding market expectations of 5.3% and reaching its highest level in the last two months, triggered sell-offs in risky assets.

*This is not investment advice.

Source: cryptonews.net