- Glassnode data shows Bitcoin’s price is in a critical region.
- Bitcoin’s price behavior around this region is a crucial factor, according to Glassnode.
- Elevating above the indicated support would preserve Bitcoin’s bullish pressure.
Data from the on-chain metrics platform, Glassnode, shows Bitcoin’s price is in a critical region. In a tweet, Glassnode noted Bitcoin’s price behavior around this region as a crucial factor. It could determine the next major trend for the pioneer cryptocurrency.
Glassnode’s analysis showed Bitcoin to be close to three significant price levels between $25,300 and $26,300. The three indicators Glassnode revealed include Short-term Holder Cost-Basis at $26,000, the Adjusted Realized Price at $25,300, and the 200 WMA at $26,300.
According to Glassnode, a bullish sentiment will hold if Bitcoin’s price continues to elevate above the three significant support levels indicated. A break below the support levels would change the market dynamics. That way, the market would turn bearish and could lead to Bitcoin’s price dropping lower.
Bitcoin has traded in a sideways range for several weeks after reaching a yearly high of $31,035 in the middle of April. It has remained between $28,452 and $25,800 for the past three weeks. Bitcoin’s current behavior suggests an ongoing struggle between the bulls and the bears. The actual position of the flagship crypto is a subject of debate by both sides of the trading divide.
For the bulls, Bitcoin is consolidating and getting set for a pre-halving rally that could initiate the move toward a new all-time high (ATH). For the less optimistic traders, the pioneer crypto is yet to find a bottom and is bound to drop lower before a pre-halving rally.
Speculations will continue until Bitcoin breaks out of the current horizontal channel. The prevailing idea suggests a break to the upside would mean a continuing rally. However, breaking below support implies the price could discover a new bottom before reversing and continuing the rally.
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