Glassnode has identified $97,600 as a critical support level for Bitcoin, signaling the possibility of increased price volatility. This prediction comes amid heightened market attention on Bitcoin’s future trajectory. According to the analytics firm’s latest report, this pivotal support level could either reinforce bullish momentum or trigger significant selling pressure if breached. 🕵️♂️ Experts at Glassnode explain that a structural breakdown below $97,600 is likely to lead to substantial price swings and increased volatility for Bitcoin. 📈
Key factors influencing the stability of the support level:
* Bitcoin’s short-term holder cost basis remains crucial, impacting its overall trend.
* The support level aligns with a Fibonacci support level and acts as a significant market sentiment indicator.
* A potential dip below $97,600 could trigger substantial selling pressure on Bitcoin and expose it to heightened volatility.
Glassnode’s analysis highlights the importance of this level in determining Bitcoin’s performance.
Proponents anticipate broader economic factors such as global liquidity shifts and federal policies to play a significant role in shaping Bitcoin’s future trajectory, potentially influencing its price recovery or potential declines.