glassnode: If BTC falls below $72,000, it may face greater downside risk
According to Glassnode's analysis, the price of Bitcoin has fallen below two important long-term moving averages - the 111-day average ($93K) and the 200-day average ($87K), and once dipped to the 365-day average ($76K). These averages are often seen as significant support levels in the market, and their current breach may indicate a shift in market sentiment.
The cost price for short-term holders is approximately $93K. The price of Bitcoin is currently fluctuating between $131K and $72K but is nearing its lower limit test at $72k. If it falls below this level, it could shake short-term investors' confidence and lead to further declines in prices.
Furthermore, Bitcoin has deeper support zones around $65k and $71k. However, these positions are located in low liquidity areas; if prices fall into this range, they might trigger larger fluctuations while attracting long-term investors to buy at a bargain.
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.
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