Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bitcoin Bulls Must Defend This Level to Avoid Potential Major Drop, Warns Glassnode

Bitcoin Bulls Must Defend This Level to Avoid Potential Major Drop, Warns Glassnode

CryptodnesCryptodnes2025/02/19 04:22
By:Cryptodnes

Bitcoin's price remains in a tight range, with investors wary of potential declines.

Bulls need to defend key levels to sustain upward momentum, and on-chain analytics firm Glassnode has identified a crucial threshold.

According to Glassnode, Bitcoin must stay above $96,300 to avoid deeper corrections. If this support fails, analysts warn the price could slide to the next key level at $80,100. The analysis relies on the MVRV Z-Score, a metric used to assess Bitcoin’s valuation relative to historical trends.

The MVRV Z-Score indicates that Bitcoin is hovering around the critical $96,300 level. If this support breaks, the metric suggests the next major safety net for bulls is at -1.5σ, around $80,100.

READ MORE:
21 Key Bitcoin Principles From Strategy’s Michael Saylor

Additionally, analysts highlighted the significance of short-term holders (STHs) and their cost basis. This group’s average purchase price is approximately $92,200, making it another important threshold for maintaining bullish momentum.

If Bitcoin remains above this level, it could signal continued stability and prevent a sharper downturn.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Massive $450M USDT Injection: Could it Propel Bitcoin Over the $100K Threshold?

Exploring the Potential Impact of New USDT Inflows on Bitcoin's Push towards the Milestone $100K Mark

Coineagle2025/02/21 11:33