Bitcoin has returned over $ 104,000 after a fairly turbulent trading week. As a matter over a GOP tax control changed to a large case between US President Donald Trump and the world’s richest man Elon Musk, the crypto market experienced significant outflow levels with Bitcoin prices that dipped as low as $ 101,000 on Thursday. Although there has been a modest price recovery over the past 24 hours, the virgin Cryptocurrency remains in danger of a deeper correction of price.
Bitcoin Bull’s eye support close to $ 103 700 and $ 95 600
In one X post On Friday, Analytics Company Glassnode shared a potentially influential data insight on the chain on the BTC market in the middle of a price correction that has lasted over the past two weeks. During this time, Bitcoin prices have dropped from its current highest period of $ 111,970 to its last was $ 100,516.
At present, Glassnode explains that BTC-long-term holders slowly release their holdings with the lack of a clear positive market catalyst which indicates that the current price correction may remain in the short term. In such a scenario, the analyst company has identified two potential support zones using the pricing model (WOC).
For the context, the WOC prism model is by means of Bitcoin value on a cost basis by tracking the acquisition price for currently circulating coins. WOC shows BTC delivery in spending amount distribution (SSD) or cost base distribution (CBD) quantiles that reflect the distribution of coin acquisition prices.
If Bitcoin ‘price correction persists, Glassnodes WOC indicates that the next big support is at $ 103,700, which is in line with 0.95 SSD quantity, ie the price at which the price was higher than this price.
If sales pressure proves overwhelming at this first support level, Bitcoin is expected to hit its next price floor of 0.85 SSD quantile around $ 96,500, which indicates a potential price decline of 7.2% from current market prices and 13.8% from BTC’s market high.
Interestingly, this estimated price extract still falls within a healthy correction area within a wider bull rally. Nevertheless, Bull Rally must soon discover a positive market rally rather in the form of Marco -quantitative relief, increased institutional investments or ETF inflows among others.
BTC market overview
At the time of writing, Bitcoin is traded at $ 104,418, which reflects a price increase of 2.98% over the past 24 hours. At the same time, the asset’s daily trade volume has dipped by 20.02% and is valued at $ 51.67 billion.
Image from Biotron Foundation, Chart from Tradingview
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