Summary
- Glassnode analyzed that Bitcoin needs new upward momentum to continue its rebound.
- The report warned of the possibility of entering an additional corrective phase if $117,100 is not recovered.
- Hyblock Capital's CEO expected volatility and a sideways market for the time being and said some positive indicators also exist.
An analysis suggested that Bitcoin (BTC) needs new upward momentum capable of recapturing investors' attention to continue its rebound.
On the 15th (local time), Cointelegraph reported that Glassnode said in a report, "If Bitcoin does not regain $117,100, the price could enter a deeper corrective phase." Bitcoin is currently trading around $110,840, which is about 5% lower than the previous peak.
The report said, "In past cases where this level was not held, medium- to long-term corrections often followed," adding, "Recent profit-taking by long-term holders has increased, so demand appears to have temporarily weakened."
Shubh Varma, CEO of Hyblock Capital, said, "Bitcoin's price is likely to go through a volatile month for the time being," and forecasted, "In the short term, it will fluctuate in the $116,000~$120,000 range." However, he added, "It is natural for the price to move sideways during the corrective phase after the recent sharp drop, and some indicators still suggest positive momentum."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit![[Market] Bitcoin falls below $82,000...$320 million liquidated over the past hour](https://media.bloomingbit.io/PROD/news/93660260-0bc7-402a-bf2a-b4a42b9388aa.webp?w=250)
