Glassnode Pinpoints Key Support Level for Bitcoin at $75,000
Cryptocurrency analytics company Glassnode has identified a key support level for Bitcoin investors to watch if the price falls below its current range. According to Glassnode, long-term investors are facing strong resistance in the $83,000 to $86,000 range due to significant cost-based resistance.
The data shows that approximately 1.07 million BTC have been purchased by long-term investors in this price range, with costs most heavily clustered around $85,000. This has created a 'supply wall' limiting Bitcoin's upward movement.
However, Glassnode notes that investors continue to accumulate Bitcoin at current price levels, maintaining an emerging accumulation zone that is critical for the short-term outlook.
If Bitcoin falls below this accumulation zone, the first major support level is around $75,000. If selling pressure intensifies further, the correction could deepen to around $60,000.