After the first monthly decline of Bitcoin in 2023, these are the three most important support levels
After the first monthly decline of Bitcoin in 2023, these are the three most important support levels
The Bitcoin network bases have continued to explode this year. However, the price page was recently disappointing. Since the price has been stagnating since mid-March, concerns about possible downward goals have arisen in the direction of $ 20,000.
Despite some encouraging signs in the past few months, Bitcoin's latest decline has dropped its price below $ 27,000.
The most important support areas of Bitcoin
Since the world's largest cryptocurrency remained in a narrow area of less than $ 30,000, Glassnode found that the spot price is still in the immediate vicinity of three important price levels and "offers robust support in the range of $ 25,300 to $ 26,300". The relevant levels are:
- cost base for short -term owners: USD 26,000
- adjusted price: $ 25,300
- 200 WMA: $ 26,300
according to Glassnode Analysis Characters are evaluated. On the other hand, a decline in the Bitcoin price under the key levels would indicate a weakening of the trend.
The latest data appear after Negentropic, co-founder of the crypto analysis platform, indicated that the current close consolidation may come to an end, which indicates that BTC will soon reach its low and then become positive.
In addition, it was found that the conviction among the existing BTC owners is "remarkably high". Despite the slow growth of the crypto asset, this trend can be considered bullish this quarter. This is because such a trend may indicate that investors consider the current market situation as an opportunity.
In recent times, the managing director becomes the price of Bitcoin.
“Up to about a week before the FOMC, further fluctuations are expected. Keep an eye on the open interest to see how the market positions until June 14th (there is a positioning).
transition phase
According to the new study by Glassnode, Bitcoin seems to have reached a "transition" that should prepare the soil for the next Bullenmarkt highlight. The long-term investors of the leading crypto asset are preparing for short-term profits.
The company found that Bitcoin long-term owners (LTHS)-those who own BTC for at least 155 days-have started a transition to a state of "equilibrium" before they have reached full "euphoria", which typically means that this cohort is prepared for the condition next BTC price cycle at the top.
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