Summary
- On-chain analysis firm Glassnode emphasized that the purchase price for short-term holders of Bitcoin is $88,000.
- They assessed that if this price range is breached, there is a possibility of further decline due to a lack of trading volume.
- Currently, Bitcoin is trading at $94,158.03.
On-chain analysis firm Glassnode stated on the 9th (local time) via its official X (formerly Twitter) that "the purchase price of Bitcoin (BTC) for short-term holders, $88,000, plays an important role in evaluating price momentum." They analyzed, "According to the URPD indicator, there is a lack of trading volume below the short-term holder purchase price. Therefore, if this price range is breached, there is a possibility of further decline."
Meanwhile, BTC is trading at $94,158.03, down 0.70% from the previous day, based on the Binance Tether (USDT) market as of 01:45 on the 10th.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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