Recent insights from the on-chain analytics platform Glassnode reveal that Bitcoin is establishing a significant support level just above the $80,000 mark. Following a decline in price, Glassnode highlighted that this dip has led to a new cost basis accumulation within this crucial range.
The data presented by Glassnode indicates that buyers are beginning to re-enter the market, particularly around the $80,000 threshold, which has emerged as one of the most densely populated price zones in recent trading activity. The concentration of trades and holdings in this area is notably reflected in heat maps, which serve as a vital gauge of investor behavior.
Despite a recent uptick in market volatility, Glassnode points out that fund inflows into this price range have remained steady. This ongoing investment activity suggests that confidence among market participants is still intact, even in the face of uncertainty.
Experts in the field stress the importance of Bitcoin maintaining its position around $80,000 over the short term. Successfully holding this level is viewed as essential for the cryptocurrency to regain its upward momentum in the coming days.
