Bitcoin has returned above $104,000 after a rather intense trading week. The crypto market experienced a substantial level of leaks on Thursday at a low Bitcoin price of as much as $101,000, as it transformed into a massive fallout between US President Donald Trump and the world’s wealthiest man Elon Musk in question as part of the GOP tax bill. There have been modest price rebounds in the last 24 hours, but Maiden’s cryptocurrency is at risk of a deeper correction in the price.
Bitcoin Bullseye Support is close to $103,700 and $95,600
In an X post on Friday, Analytics Company’s GlassNode shared insights from potentially impactful on-chain data on the BTC market in a price adjustment that has been held over the past two weeks. During this time, Bitcoin prices fell from the current record high of $111,970 to the latest $100,516.
Currently, GlassNode explains that long-term BTC holders are slowly offloading their holdings as they do not have a clear positive market catalyst that indicates that current price corrections may last in the short term. In such a scenario, the analytics company used the work of the Cost (WOC) pricing model to identify two potential support zones.
In context, the WOC price model measures the value of Bitcoin on a cost basis by tracking the acquisition price of coins currently in circulation. WOC displays BTC supply in a distribution of Expendable Supply Distribution (SSD) or Cost Based Distribution (CBD) that reflects the distribution of coin acquisition prices.
If Bitcoin price adjustments continue, GlassNode’s WOC indicates that the next major support is at $103,700:
If sales pressure proves overwhelming at this initial support level, Bitcoin is expected to reach the next price floor at $96,500 at 0.85 SSD Khalil, indicating a potential price drop of 7.2% from the current market price and 13.8% from the BTC market height.
Interestingly, this predicted price drawdown is within a healthy correction range within the wider bull rally. Nevertheless, Bull’s gatherings must quickly discover rather positive market gatherings in the form of Marco’s quantitative easing, increased institutional investment, or an influx of ETFs.
Overview of the BTC market
At the time of writing, Bitcoin has been trading at $104,418, reflecting a 2.98% price increase over the last 24 hours. Meanwhile, daily trading volume of assets fell 20.02%, valued at $51.67 billion.
Biotron Foundation feature images, TradingView charts
