While the Bitcoin market is in an interesting place, the selling pressure on the price continues to increase.
While apathy and boredom prevail in the Bitcoin and cryptocurrency markets in general, the BTC price remains 18% below its ATH in March.
Glassnode, an on-chain analysis firm that shares its weekly Bitcoin analysis, said investor sentiment may continue if BTC rises above $64,000.
Analyzing the situation of new Bitcoin investors, Glassnode said that these investors suffered significant losses in their positions.
At this point, Glassnode analysts, who also determined the basic price levels at which investors' behavior may change, stated that $ 60,000 and $ 64,000 are critical for BTC.
“The price movement between $60,000 and $64,000 is an indication of sideways trend where market instability continues.
A break below $60,000 would cause losses for many short-term traders (STH) and cause the price to fall further below the 200 DMA (daily moving average) at $58,000.
However, a break above $64,000 will enable a significant portion of short-term investors to return to profit and there will likely be an increase in investor sentiment and confidence.”
Bitcoin continues to trade at $60,045 at the time of writing.
*This is not investment advice.