Bitcoin’s price action in the past 48 hours has seen it approaching the $80,000 price level again, with risks of breaking to the downside. Looking at on-chain data shows a notable support level between $80,920 and $78,000 that must not be broken. Related Reading: Pi Coin Sinks 47% In 14 Days—What’s Behind The Massive Drop? Particularly, on-chain analytics from Glassnode point to a thinning of support at the $78,000 level, where only minimal cost basis clusters now exist. The insight follows a sharp move that saw savvy traders scoop up nearly 15,000 Bitcoin at the March 10 low before cashing out at the $87,000 local top. Support Cushion Rises With Clusters Between $80,000 And $84,000 Bitcoin started the month of March with a crazy crash that saw its price hit below $77,000 on March 10 and March 11. Most of the month was spent by Bitcoin embarking on a recovery from this level, eventually reaching as high as $88,500 last week. Interestingly, on-chain data from Glassnode shows that some Bitcoin traders took advantage of the crash and bought about 15,000 BTC at this low. However, many addresses from this same co ..
Support the originator by clicking the read the rest link below.
