Bitcoin’s Crucial Support Range
Crypto analytics firm Glassnode suggests that Bitcoin must maintain a specific price range to avoid a significant sell-off.
In its latest analysis, the firm highlights Bitcoin’s transaction data, identifying a critical support level at $30,000.
Glassnode explains that Bitcoin’s URPD (unspent transaction output) realized price distribution indicates a substantial accumulation of coins between $25,000 and $31,000. This suggests a robust support zone around the $30,000 mark.
The firm points out that if the price falls below $33,000, $30,000 could become the next line of defense. Therefore, the $30,000 to $31,000 range is crucial for traders as it represents a battleground between recent gains and the largest supply cluster.
Bitcoin’s Current Price
At present, Bitcoin is trading at $37,721, marking a 6.2% increase in the last 24 hours.
Hot Take
It is essential to monitor Bitcoin’s price movement within the $30,000 to $31,000 range as it holds the key to potential buy or sell signals in the market.
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