Summary
- Glassnode stated that Bitcoin (BTC) could potentially fall further to 88,000 dollars if it fails to recover 113,000 dollars.
- According to Glassnode, long-term holders have shown the largest selling since July, while short-term holders are increasing selling pressure through stop-losses.
- It analyzed that Bitcoin has entered a correction phase and that there is a risk of further decline if the psychological support level collapses.
On-chain data analytics firm Glassnode assessed that Bitcoin (BTC) could fall further to as low as 88,000 dollars if it does not recover the 113,000 dollar level.
On the 30th (local time), according to cryptoasset (cryptocurrency) specialist media CoinDesk, Glassnode analyzed, "Bitcoin has recently entered a correction phase, and a key support level is forming around 88,000 dollars."
According to the report, long-term holders (Long-Term Holder) sold about 104,000 BTC this month, marking the largest selling since July. Meanwhile, short-term holders (Short-Term Holder) are increasing selling pressure by executing stop-losses (Stop-loss).
Glassnode added, "The market is currently in a correction phase from the peak, and if Bitcoin does not break through 113,000 dollars, it could lead to a collapse of the psychological support level."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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