Following Bitcoin’s first monthly decline of 2023, these are the 3 key support levels

Bitcoin’s network fundamentals have continued to explode this year. However, the value side of things has been a disappointment lately. With its stagnation since mid-March, concerns have emerged about a possible downside target to $20,000.

Despite some encouraging signs in recent months, bitcoin’s latest pullback dragged its price below $27,000.

Bitcoin’s Major Support Areas

As the world’s largest cryptocurrency remained trapped in a narrow range below $30k, Glassnode observed that the spot price remained close to three key pricing levels, “providing strong support around the $25,300 – $26,300 area.” The levels under consideration are:

• Short-term holder cost-basis: $26,000
• Adjusted Actual Value: $25,300
• 200 WMA: $26,300

according to glassnodes AnalysisSustained highs above these important support areas can be considered as a constructive signal. On the other hand, a drop in the price of bitcoin below key levels would predict weakness in the trend.

The latest data surfaced after crypto-analytic platform co-founder Negentropic indicated that the current tight-ranging consolidation could potentially end, meaning BTC will soon hit its bottom and turn positive sooner rather than later. .

Furthermore, conviction among existing BTC holders was found to be “remarkably high”. Such a trend can be counted as bullish despite the slow growth of crypto-assets this quarter. This is because such a trend potentially shows that investors view the current market condition as an opportunity.

Recently, executive where did it go That FOMC is likely to prove to be a major catalyst that will drive the price of bitcoin.

“More cuts are expected from the FOMC until ~1 week ahead. Keep a close eye on Open Interest to see how the market is (is there any position) on June 14th.

transition phase

bitcoin seems reached A “transition” that will set the stage for the top of the next bull market, according to new research from Glassnode. Long-term investors of the premier crypto-asset are preparing for profits in the near term.

The company found that bitcoin long-term holders (LTHs) – those holding BTC for at least 155 days – have begun a transition towards a state of “equilibrium” before reaching full “euphoria”. Which usually means that this cohort is preparing for it. Next BTC Price Cycle Top.