Last Friday, cryptocurrencies experienced a major 0 (BTC), which fell to $102,000, then recovered to over $115,000. While bullish expectations for Bitcoin, which has been fluctuating between $115,000 and $110,000 during the week, still continue, Glassnode suggested that Bitcoin needs a new catalyst to continue its 1 analysts said that Bitcoin needs a new catalyst to decisively break above the $117,000 level and resume its 2 noted that this latest correction is particularly concerning because it is the third instance since late August where Bitcoin’s spot price has fallen below the 0.95-quantile price model ($117.1,000). This level of $117,100 appears to be a level where more than 5% of the supply, mostly held by the largest buyers, is at a 3 this point, analysts stated that the Bitcoin spot price is currently trading in the 0.85-0.95 quantile range ($108.4 thousand – $117.1 thousand).
Analysts warned that failure to hold this range and the $108,000 support level could trigger a medium- to long-term correction. “Without a new catalyst to push Bitcoin price above $117,100, the market risks a deeper correction towards the lower end of this range. Historically, when Bitcoin has failed to maintain this zone, prolonged medium- to long-term corrections have typically occurred, with a sustained drop below $108,000 being a critical warning signal of structural 4 also noted that an increase in profit sales by long-term holders could be a sign of slowing 5 Capital CEO Shubh Varma, speaking against Glassnode, said that Bitcoin may consolidate for a while after its recent sharp decline, and that some indicators are still 6 renowned CEO noted that fund flows into spot ETFs remain strong and spot trading volumes remain 7 added that the potential for additional Fed rate cuts could also serve as a positive catalyst. *This is not investment 8 Reading: What Will Be Needed for Bitcoin to Recover from the Fall and Rise?
Glassnode Analysts Explain!
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