Bitcoin returned to above 104,000 dollars after a somewhat turbulent trading. On the matter of the Republican Party Tax Bill, it turned into major repercussions between US President Donald Trump and the richest man in the world, Elon Musk, the encryption market witnessed great levels of external flows with Bitcoin prices drop to $ 101,000 on Thursday. While there is a modest recovery in prices during the past 24 hours, the coded currency before marriage is still at risk of correcting a deeper price.
Bitcoin Bulls support near $ 103,700 and $ 95,600
in X post On Friday, Analytics Glassnode has shared an insight into data that may affect the series on the BTC market amid the price correction that has continued over the past two weeks. During this time, Bitcoin prices fell from its highest level ever at $ 111,970 to the lowest level of $ 10016.
Nowadays, Glassnode explains that in the long term BTC holders are slowly emptying their property with no stimulus in the clear positive market, indicating that the current price correction may continue in the short term. In such a scenario, the Analysis Company has identified potential support areas using the cost price model (WOC).
For context, the WOC price model by measuring the value of Bitcoin based on cost by tracking the acquisition price on the currently circulated coins. WOC offers BTC in the spending supply distribution (SSD) or cost basis distribution quantities (CBD), which reflects the distribution of currency acquisition.
If the Bitcoin ‘price continues, the WOC from Glassnode indicates that the following main support lies at $ 10,700, which corresponds to 0.95 SSD Quantile, that is, the price in which 95 % of Bitcoin spread (spending) at a lower selective price means only 5 % of bitcoin supplies higher than this price.
If the overwhelming sale pressure at this first support level proves, it is expected that Bitcoin will reach the next price bottom at 0.85 SSD about 96,500 dollars, indicating a possible decrease in prices by 7.2 % of the current market prices and 13.8 % of the BTC market height.
Interestingly, withdrawing the expected price is still within the scope of a healthy correction within a wider bull gathering. However, the Taurus Rally must soon discover a positive gathering in the market instead in the form of mood mood, increasing institutional investments or ETF flows and others.
Market Overview BTC
At the time of this report, Bitcoin is traded at $ 104,418, which reflects the price increased by 2.98 % in the past 24 hours. Meanwhile, the daily trading volume decreased by 20.02 % with a value of $ 51.67 billion.
Distinctive image from Biotron Foundation, TradingView graph
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