Bitcoin in Crossroads amid increased pressure pressure, warns the GLASSNODE analysis platform – here’s the company’s look
Analytics Glassnode platform determines the potential path for Bitcoin (BTC) amid a period of intense profits.
According to the analysis platform, Bitcoin Confrontation The resistance increases after reaching the highest new level last month.
Resistance can be attributed to exhaustion from profit by Bitcoin holders long and exhaustion of buyers who bought earlier, according to Glassnode.
In the short term, the achievement of intense profits can indicate a distribution stage and not a new outbreak.
“In general, it seems that the market at a crossroads is formed through high pressure pressure, ripening of the upscale momentum, and the demand that must prove itself flexible. The coming weeks will be it is very important in determining whether this is uniformity in the middle of the cycle or the beginning of a wider higher formation.”
Glassnode says the market is witnessing the fifth main wave of profit in the current session, as the profits achieved daily increased to $ 1.47 billion.
“The most prominent selling pressure came from groups that accumulated during the main historical ranges: $ 25,000 – 31,000 dollars and 60,000 dollars – 73,000 dollars. These groups, many of whom hold through the stages of multiple fluctuations, are now contributing to the accumulation of the offer that appears to be heading towards the upward trend, at least in the short term. “
The continued pressure pressure from long -term holders raises the risk of short -term correction, according to the analysis platform. The first support area on the Bitcoin series, according to Glassnode, is about $ 10,700, while the second price is about $ 95,600. If the latter is violated, Glassnode says it might be a confirmation of “wider re -control”.
Bitcoin is trading at $ 105,007 at the time of this report.
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