The Bitcoin price put in one of its strongest performances in recent times over the past week, rallying to above the $88,000 level early on. However, the premier cryptocurrency experienced a steep correction on Friday, March 28, following the latest February core inflation data. With the price of BTC now hovering beneath $84,000, panic seems to be growing in the market as investors fear further correction for the world’s largest cryptocurrency. Interestingly, the latest on-chain data show the critical support levels for the Bitcoin price. Is BTC At Risk Of A Fall To $71,000? In a recent post on the X platform, blockchain analytics firm Glassnode explained the recent investor behavior and how it could impact the Bitcoin price action over the next few days. This evaluation is based on the cost basis distribution data of investors around the Bitcoin price. Related Reading: Bitcoin And Ethereum Face $14 Billion Options Expiry—Market Impact Ahead? According to Glassnode, the cost basis distribution data reflects the total Bitcoin supply held by addresses with an average cost basis within specific price buckets. As ob ..
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