Bitcoin Price Decline: Key Support Levels Under $84,000 to Monitor
Bitcoin’s price has fallen to around $83,800 following a peak above $88,000 last week. Recent analysis from Glassnode reveals critical support levels, including $84,100 and $80,920, that may determine future movements. A potential drop to $74,000 or $71,000 could occur if current levels falter, raising concerns over market stability.
Bitcoin has recently demonstrated considerable volatility, rallying past $88,000 during the previous week before experiencing a notable decline. Following the release of core inflation data for February on March 28, Bitcoin’s price dropped below the $84,000 mark, causing concern among investors regarding potential further corrections in this leading cryptocurrency.
Currently, Bitcoin’s price is approximately $83,800, signifying a 4% decrease within the last 24 hours. Analysts from Glassnode have provided insight into the present market landscape, highlighting key support levels for Bitcoin, which may guide its price trajectory in the days to come. The cost basis distribution data indicates that a substantial amount of Bitcoin supply was bought around the $78,000 mark.
In summary, Bitcoin has experienced significant price fluctuations, with current support levels critical for preventing more extensive declines. The analytics from Glassnode emphasize important thresholds at $84,100, $80,920, $78,000, $74,000, and $71,000. Investors are advised to remain alert as the market continues to evolve, considering the implications of these support levels on potential future price developments.
Original Source: www.newsbtc.com
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