Bitcoin Market at a Crossroads: Will Price Rebound or Fall Further?

On-chain data from Glassnode suggests Bitcoin’s price has been hovering below the 0.75 Fibonacci retracement level since mid-November, indicating that over 25% of the total supply is currently in a loss position. This precarious balance presents two possible scenarios: either investors who bought at higher prices will be forced to sell due to stop-losses triggered by market declines, or selling pressure will ease and provide a temporary bottom before a rise occurs. This critical level of support, currently around $92,000, serves as a significant indicator of the Bitcoin market’s fragility.