Critical Levels Determined in Bitcoin! 200,000 BTC Collected at This Price - Coin Bulletin

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On-chain analysis firm Glassnode shared the Cost Basis Distribution metric that analyzes how Bitcoin investors respond to price fluctuations.

According to recent data, behind Bitcoin finding support twice at the $97,500 level, there is a massive accumulation of 200,000 BTC in this price range.

Investors have accumulated an additional 150,000 BTC above $99,000, turning this level into a strong resistance point. According to monthly and weekly data, more investors are moving their cost bases to $99,000, consolidating this level.

It is stated that Bitcoin has formed a strong support zone between 97,500 and 99,000 dollars, and it is emphasized that if the price falls below this level, selling at a loss may increase and selling pressure may intensify. According to Glassnode, the cost base of short-term investors is around 92,000 dollars, which could trigger selling panic below this zone.

It is stated that the Bitcoin price has stabilized in the range of $97,500-$99,000, and investors are advised to closely monitor these levels.

BTC-0.71%
EDEN2.7%
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