Bitcoin’s Rollercoaster: Will It Soar or Crash? 🎢💰

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Ah, Bitcoin! The digital phoenix that has risen once more above the mystical threshold of $104,000, after a week that could only be described as a tempest in a teapot. A GOP tax bill, you say? More like a soap opera starring none other than President Trump and the billionaire bard, Elon Musk! As the crypto market danced to the tune of significant outflows, Bitcoin’s price took a nosedive to a mere $101,000 on Thursday. But fear not, dear reader, for a modest rebound has graced us in the last 24 hours, though the maiden cryptocurrency still teeters on the edge of a deeper correction. 🥴

Bitcoin Bulls Eye Support Near $103,700 And $95,600

In a recent post on X, the oracle of analytics, Glassnode, has unveiled a potentially earth-shattering insight into the BTC market amidst this ongoing price correction that has lingered like an unwelcome guest for two weeks. From the dizzying heights of $111,970, Bitcoin has plummeted to a recent low of $100,516. Talk about a dramatic fall from grace! 😱

Currently, Glassnode reveals that long-term holders of BTC are slowly parting ways with their precious coins, as the market lacks a clear catalyst to lift spirits. In this gloomy scenario, our analytical friends have pinpointed two potential support zones using the Work of Cost (WOC) price model. Sounds fancy, right? 🤓

For those unacquainted, the WOC price model measures Bitcoin’s value based on the cost of acquisition for the coins currently in circulation. It displays BTC supply in Spendable Supply Distribution (SSD) or Cost Basis Distribution (CBD) quantiles, reflecting the distribution of coin acquisition prices. If Bitcoin’s price correction continues, Glassnode’s WOC suggests that the next major support lies at $103,700, aligning with the 0.95 SSD quantile. This means that 95% of circulating Bitcoin was acquired at a lower price, leaving only 5% bought at a higher price. Talk about a selective club! 🤑

Should the selling pressure prove too overwhelming at this first support level, Bitcoin may find itself tumbling to the next price floor at the 0.85 SSD quantile around $96,500. This indicates a potential price decline of 7.2% from current market prices and a staggering 13.8% from BTC’s market high. But fret not! This projected price drawdown still falls within a healthy correction range in the grand scheme of a bull rally. However, the bulls must soon discover a positive market rally, perhaps through macro quantitative easing, increased institutional investments, or ETF inflows. Fingers crossed! 🤞

BTC Market Overview

As I pen these words, Bitcoin is trading at $104,418, reflecting a 2.98% price gain in the last 24 hours. Meanwhile, the asset’s daily trading volume has dipped by 20.02%, now valued at a cool $51.67 billion. Just another day in the life of our beloved cryptocurrency! 💸

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2025-06-08 01:13