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Glassnode, a prominent cryptocurrency analysis platform, has indicated that the Bitcoin 
$103,039 market may experience a significant correction if one of its critical support levels is breached. According to their analysis, short-term investors who acquired Bitcoin in the last 155 days might sell their holdings if the price falls below $72,000. This scenario would likely lead to substantial volatility in the cryptocurrency market.
Critical Bitcoin Levels
Glassnode has noted that the average circulating price of Bitcoin is determined based on the last movement prices of the assets. The average expected value for short-term investors has been identified at approximately $93,000. Within this framework, crucial upper and lower boundaries emerge at $131,000 and $72,000, respectively. Notably, a drop below $72,000 is expected to severely impact investor confidence.
Glassnode states, “The realized price for short-term investors hovers around $93,000. The ±1 sigma band encompasses the $131,000 and $72,000 levels. If these boundaries are breached, it could lead to disruption in short-term positions and increased selling pressure.”
Long-Term Cryptocurrency Analysis
According to the reports, Bitcoin’s long-term moving averages also play a supportive role. The 111-day moving average is at $93,000, while the 200-day average is around $87,000. Additionally, the recent testing of the 365-day average at approximately $76,000 signals potential shifts in long-term market sentiment.
Glassnode adds, “Bitcoin is trading below the 111 DMA and 200 DMA. The testing of the 365 DMA could indicate a structural break in market sentiment.”
Furthermore, other support levels identified by Glassnode are noteworthy. The BTC True Market Mean stands at $65,000, while the Active Realized Price is at $71,000. These levels are positioned just above low liquidity areas, making their preservation crucial.
Glassnode comments, “BTC True Market Mean is at $65,000, and Active Realized Price is at $71,000. A break of these support levels could lead to high volatility and might encourage long-term investors to re-enter the market.”
Currently, Bitcoin is trading at $78,888, reflecting a 1.8% increase over the last 24 hours.
The analysis suggests that investors should exercise caution in risk management, as potential buying opportunities could arise if the price drops. Sudden movements in the currency market may also influence investor behavior.
The highlighted data in the analysis provides significant insights into both short and long-term market movements. In this context, protecting support areas and monitoring market dynamics are top priorities for investors.
