Analytics Company Glassnode Reveals Critical Support and Resistance Levels in Bitcoin! Here Are the Details

According to Glassnode’s on-chain analysis, the Bitcoin price is currently stuck between strong selling pressure and critical support levels. The report highlights that Bitcoin is fluctuating between support around $81,000 and the high supply zone at $93,000, emphasizing that the market structure remains fragile.

According to the analysis, Bitcoin recently retreated gradually to $85,600 after encountering strong resistance near the $93,000 level. It is noted that the concentration of supply between $93,000 and $120,000 continues to limit the price’s upward movement.

Furthermore, the fact that the price cannot surpass the 0.75% dispersion threshold of approximately $95,000 and the $101,500 cost base for short-term investors weakens the upward momentum.

On the other hand, the “real market average” at $81,300 is currently acting as a significant support. On-chain data reveals that the amount of Bitcoin at a loss has risen to 6.7 million BTC, the highest level in the current cycle. 23.7% of the circulating supply is at a loss, with 10.2% belonging to long-term investors and 13.5% to short-term investors.

Glassnode warns that a drop in price below $81,300 could lead to increased selling pressure and further selling pressure.

It is stated that demand in spot markets is short-term and selective, and while Coinbase shows relative stability, exchanges like Binance exhibit a volatile picture. In futures and options markets, leveraged risk is decreasing, and volatility is expected to remain limited until the end of the year.

Overall, Bitcoin is expected to continue its sideways trend unless it breaks through the $81,000 support and $93,000 resistance bands.

*This is not investment advice.