Bitcoin's $80K Safety Net Held Once but Glassnode Says It Is Eroding
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The leading cryptocurrency, Bitcoin, briefly fell below the $80,000 level following better-than-expected US data. However, this decline was short-lived, and BTC rebounded. While this situation raised the debate about whether a new short-term bottom was forming for BTC, a new analysis came from the on-chain analytics company Glassnode. Glassnode stated that the data indicated a drop below $80,000 […] Source: Bitcoinsistemi.com
The Bitcoin approached the $80,000 on Thursday, before rebounding above $82,000. While buyers have managed to defend this key threshold, Glassnode notes a sign of fragility: the buying orders that support the price are shrinking under this symbolic bar. A situation that deserves attention, while tensions over US inflation still weigh on the markets. The article Bitcoin bounces over $82,000, but a worrying signal has appeared first on Cointribune.
Bitcoin again quoted over USD $82,000 after falling to USD $79,800, but the order book data show that purchases under USD $80,000 lost depth. The rebound coincided with leveraged position payouts, while wholesale inflation and ETF outflows added pressure to the market. *** Large purchase orders located at USD $80,000 were executed on October 15 and new offers appeared that accompanied BTC rebound. Glassnode noted that purchase support under that…
Bitcoin's $80K Safety Net Held Once but Glassnode Says It Is Eroding
Big buyers caught bitcoin at $80,000 on Thursday, but Glassnode’s order book data shows the bids under that level are getting thinner. A Day on the Order Book Glassnode posted a heatmap of resting orders on the Binance BTC/USDT spot book from Oct. 15, and relayed the following message: The large bids that sat at […]
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