Well, butter my biscuits, Bitcoin‘s been at it again, hasn’t it? Dancing around that $80,000 mark like a tipsy uncle at a wedding. Apparently, if it dips below $78,000, things could get a bit… dicey. At least, that’s what the boffins with their on-chain whatsits are telling us. I mean, who really understands that stuff anyway? 🤔
According to these Glassnode chaps – and I always picture them peering through microscopes at tiny bitcoins – the support at $78,000 is, shall we say, “thinning.” Sounds like my hairline. Apparently some clever clogs snapped up 15,000 Bitcoins around March 10th and then promptly cashed out at $87,000. Talk about rubbing it in! 💰
Support, Glorious Support (Maybe)
Remember that delightful crash in early March? Bitcoin went tumbling below $77,000, presumably giving everyone heart palpitations. It then spent the rest of the month clambering back up, eventually reaching $88,500. A real rollercoaster, this Bitcoin lark. 🎢
And those clever clogs, the ones with the foresight to buy low? Well, they mostly legged it at $87,000, leaving behind a “depleted buffer zone.” Which, if I understand correctly (and that’s a big “if”), means it might not be so sturdy next time. Brilliant! 🤦♂️
Apparently, the “strongest cost basis clusters” – and honestly, these terms just get more baffling – have been creeping upwards. Now they’re lurking between $80,920 and $84,100. Some people bought a whole load of Bitcoin at those prices, which apparently makes them “zones of confidence.” Good for them, I say! 👍
Last I checked, Bitcoin was teetering around $83,120, having already lost that $84,100 cushion. Which means the next lines of defense are $82,090 and $80,920. But, if it all goes pear-shaped, there’s “structural support” way down at $74,000 and $71,000. Phew! So much for a relaxing afternoon reading the news. 😴
Image From X: Glassnode
$95,000: The New Everest?
While support is gingerly climbing, resistance seems to be digging its heels in around $95,000. Apparently, some investors think that’s the ceiling and are ready to bail. So, we could be looking at Bitcoin stuck in a narrow range for a while. Thrilling. 😐
According to Glassnode, those “long-term holders” (the ones who’ve been clinging on for over 150 days) are mostly responsible for the profit-taking. Meanwhile, the “short-term traders” (the nervous types who’ve only been holding for less than 155 days) are taking a bath. Serves them right for trying to get rich quick! 😂
Image From X: Glassnode
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2025-03-30 16:35