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Glassnode Says Bitcoin Can't Hold 78 Thousand Dollars Again: Here Are the Levels to Watch! - Coin Bulletin
The cost basis distribution of Bitcoin (BTC) investors shows the recent market movements and investor behaviors.
According to Glassnode's data, on March 10, Bitcoin, which fell to $78,000, rose to $87,000 after approximately 15,000 BTC purchases by the most efficient investors. However, since there is a small amount of Bitcoin remaining at this level, the support at the $78,000 level is currently weak. This seems likely to play an important role in Bitcoin's future price movements.
Currently, Bitcoin's support levels are concentrated around $84,100, $82,090, and $80,920. These levels create short-term support for Bitcoin. Additionally, there is a resistance area around $95,000, where investor cost basis clusters have increased by 12,000 BTC. This indicates that there may be difficulties if the price approaches this level.
Key support levels in a bearish scenario
If the Bitcoin price falls further, there is strong support at the $74,000 and $71,000 levels. Accumulations at these levels have the capacity to absorb downward pressure and may assist in the market's recovery.