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Bitcoin’s Critical Price Support Zone Identified Amid Market Instability
Since hitting a new all-time high almost a month ago, Bitcoin has shown hesitation in exploring new price territories. New US trade tariffs and intensified geopolitical tensions between Israel and Iran have pressured the leading cryptocurrency, causing it to dip as low as $101,000. Currently, Bitcoin is trading around $104,000 after a 2.03% decline over the past day. Amid these fluctuations, Glassnode, a respected analytics firm, has pinpointed a pivotal price range that could determine Bitcoin’s short-term trajectory.
Key Support Zone at $95,500–$97,000
A recent update from Glassnode reveals crucial insights from the Cost Basis Distribution (CBD) heatmap, a tool that traces the price levels at which tokens were last exchanged. This data has unveiled a significant supply cluster forming within the $95,500 to $97,000 range. This zone lies just below the cost basis of short-term holders, merging technical patterns with on-chain data to highlight a critical battleground for Bitcoin.
Maintaining prices above this key zone could sustain bullish momentum, potentially propelling Bitcoin back into price discovery mode. Conversely, falling below this threshold might incite panic selling, reinforcing bearish forecasts for the near future. Notably, a market analyst known as Mr. Wall Street predicts further declines, suggesting Bitcoin might not sustain above the $100,000 psychological level, with potential drops to around $93,000 to $95,000.
Market Dynamics and Outlook
As of now, Bitcoin stands at $103,753, marking a 1.27% decline over the last week. This period has seen Bitcoin struggling to breach the $106,000 mark, indicating a weakening breakout potential. Over the past month, the cryptocurrency has registered a 6.10% loss, hinting at a shift in market momentum as bearish forces seem to be gaining ground.
Despite these challenges, Bitcoin maintains its stance as the largest cryptocurrency, boasting a market cap of $2.05 trillion and a dominance of 64.3% in the market. For those interested in deeper insights into the crypto market, you can find more information on [Binance](https://www.binance.com/).
Conclusion
Investors and market spectators should closely monitor the $95,500 to $97,000 range, as it could very well dictate Bitcoin’s price movements in the coming weeks. The ability of Bitcoin to hold or break this zone may offer significant clues about the market’s direction in the mid to short term. For further details on cryptocurrency trends, visit the dedicated [crypto section](https://financier.news/category/crypto/) of Financier News.
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