Bitcoin has refunded more than $104,000 after a rather turbulent trading week. Regarding the Republican tax bill, the cryptocurrency market experienced a lot of outflows, with Bitcoin falling to $101,000 on Thursday. Despite the smaller prices in the past 24 hours, Virgin’s cryptocurrency is still in the deeper and deeper range of corrections.
Bitcoin Bull’s Eye Support Closes $103,700 and $95,600
In Friday’s X post, Analytics Company GlassNode shares on-chain data insights into the potential impact of the BTC market in the last two weeks of continuous price correction. During this period, the price of Bitcoin fell from its current all-time high of $111,970 to its most recent $100,516.
Currently, GlassNode explains that long-term BTC holders are slowly unloading their holdings due to the lack of obvious positive market catalysts, indicating that the current price correction may continue in the near term. In this case, the analysis firm used the cost (WOC) price model to identify two potential support areas.
In the context, a WOC price model that measures the value of Bitcoin by tracking the fetched price of the current loop coin. WOC displays BTC supply in Expendable Supply Distribution (SSD) or Cost Base Distribution (CBD) quantiles to reflect the distribution of coin acquisition prices.
If Bitcoin’s price correction persists, GlassNode’s WOC says the next major support is $103,700, which coincides with the 0.95 SSD score, i.e., 95% of the loop (expendable) Bitcoin has a lower price, and a lower acquisition price that means only 5% of the Bitcoin supply has a higher price than this price.
If sales pressure is proven to be overwhelming at the first support level, Bitcoin is expected to reach its next price on the 0.85 SSD score around $96,500, indicating a 7.2% drop in the current market price, while BTC’s market height is 13.8%.
Interestingly, this projected price drop remains within the scope of health corrections within the wider Bull rally. However, Bulls rally must quickly discover active market rally, rather than in the form of Mark’s quantitative easing, increased institutional investment or ETF inflows.
BTC Market Overview
At the time of writing, Bitcoin is trading at $104,418, reflecting a 2.98% increase in price over the past 24 hours. Meanwhile, the daily trading volume of assets fell by 20.02% to a value of $51.67 billion.
Featured images from Biotron Foundation, charts from TradingView
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