The leading cryptocurrency Bitcoin (BTC), which fell below $ 80,000 after consecutive sharp declines, has been moving above $ 80,000 in recent days.
Although BTC finds support at $80,000, bearish expectations and risk continue.
At this point, Glassnode said that a possible drop below $80,000 could deepen the correction and go up to $70,000.
Stating that there is weakness between $70,000 and $80,000, Glassnode analysts stated that the next important and strong support is $70,000.
Bitcoin’s rapid rise from $70,000 to $80,000 in November has created a supply gap, leaving limited support if BTC falls below $80,000, according to Glassnode data.
With 20% of BTC supply currently missing, selling pressure could increase, potentially pushing prices towards $70,000, according to analysts.
“Bitcoin's rally from the mid-$60,000s to above $100,000 following Donald Trump's US election victory left very little supply in the $70,000 to $80,000 range, and it only traded between those levels for a few days.
Therefore, if the price of Bitcoin falls below $80,000, it will be lower than the average purchase price of current buyers, which will cause insufficient additional buying pressure. Therefore, a significant drop to the March 2024 peak ($73,000) is expected.”
*This is not investment advice.
