With leading cryptocurrency Bitcoin (BTC) stuck in a certain range, investors remain cautious of further declines.
At this point, while the bulls need to attack for the rise, Glassnode announced the level that the bulls need to maintain.
On-chain analytics firm Glassnode has stated that the $96,300 level must be maintained to prevent Bitcoin from falling further.
Analysts have noted that if the critical support level at $96,300 is not held, the price could drop to the next support level at $80,100.
In this analysis, analysts used the MVRV Z-Score indicator and the cost price of short-term investors.
Analysts noted that if Bitcoin breaks the $96,300 support, the next support could be $80,100, according to the MVRV Z-Score.
“Bitcoin’s MVRV Z-Score can be used to predict critical price support areas. So far, the price has remained near the $96.3k support level determined by the MVRV Z-Score. If BTC price breaks lower, the next major support level for the bulls could be at -1.5σ ($80.1k).”
Secondly, Glassnode analysts drew attention to the cost price of short-term investors (STHs). In particular, analysts noted that the cost floor price of this group is at $92.2 thousand, and that this level is important for the continuation of the current upward trend.
*This is not investment advice.
