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The first cryptocurrency will continue to fall in price if it does not restore its position to the level of $95,000, said analysts at the on-chain platform Glassnode.
During the latest price correction, Bitcoin broke through the support level of $92,940. According to analysts, the loss of this position increased uncertainty in the market and reduced the likelihood of a quick price recovery.
“Bitcoin is now trading below the aggregate entry price for the majority of holders, which has historically been accompanied by increased selling pressure and a decrease in investor risk appetite,” explained Glassnode specialists.
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In such conditions, traders who bought cryptocurrency at a higher price are more likely to take losses or exit positions, which further limits upside potential.
At the same time, investors who are ready to hold the asset can use the correction to gradually increase their positions, which in the future can stabilize the market and support the subsequent growth of Bitcoin, Glassnode analysts hope.
Earlier, economist and crypto-skeptic Peter Schiff called Bitcoin investors are rethinking the feasibility of investing in the first cryptocurrency against the backdrop of rapid growth in gold and silver prices.
