Bitcoin’s current price hovers around $96,788, with critical support at $96,000. Analysts like those from Glassnode warn that if this level is breached, Bitcoin could drop to $80,000. With fluctuating demand and market sentiment, the coming days will be decisive for Bitcoin’s price direction.

The price of Bitcoin is currently at a pivotal crossroads, resting near $96,788. Analysts emphasize the importance of maintaining support at $96,000 to avoid a potential drop to $80,000, a critical historical support level. Glassnode analysts highlight that failure to hold this level could lead Bitcoin towards its next major defense at approximately $80,100, coinciding with a key adjusted MVRV Z-Score value.

In summary, Bitcoin’s price is at a critical juncture, with the market needed to watch whether the $96,000 support level is maintained. Analysts warn of significant declines if this support fails, leading down to $80,000. With mixed market sentiment and fluctuating demand, the upcoming days will be crucial in determining the price trajectory of Bitcoin.

Original Source: www.thecoinrepublic.com

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