Glassnode Says Bitcoin Has Lost Critical Support: These Prices Are Now More Important! - Coin Bulletin

Bitcoin price is signaling a deeper change in market sentiment by dropping below long term averages.

On-chain data platform Glassnode has shared remarkable analysis of Bitcoin's recent movements (BTC). According to the data, Bitcoin is currently trading below both the 111-day moving average (DMA) $93K and the 200DMA's $87K level. In addition, the price also tested the $76K zone of the 365DMA, which is another important level. These averages have worked as strong support points in the past. Now, a break below these levels may herald a possible change in the market structure.

In Glassnode's second statement, it was noted that the realized price for short-term investors is 93 thousand dollars, with the upper band of the standard deviation range at 131 thousand dollars and the lower band at 72 thousand dollars. Although the price currently remains within this range, a drop below the 72 thousand dollar level could particularly lead to a loss of confidence among short-term investors and trigger new selling pressure.

Long term support levels

The "real market average" for Bitcoin is measured at 65 thousand dollars, while the "active realized price" is at 71 thousand dollars. These levels are just above the low liquidity area, and it is noted that if the price declines to these areas, high volatility may occur. At the same time, such declines may also mean buying opportunities for long term investors.

Currently, investors are focused on the $72,000 threshold. If this level is breached, both the technical outlook and market psychology could take a significant hit.