tl;dr
Former Glassnode analyst and founder of CheckOnChain believes the chances of a Bitcoin bear market are not large, emphasizing potential losses for investors selling during the current drawdown. Analysts are eyeing $76,000 as a critical support level amid a 6.5% price correction over the past 24 hour...
"Chances of Bitcoin bear market ‘not large’ though analysts eye $76,000 support"
Former Glassnode analyst and founder of CheckOnChain dismisses the likelihood of a bear market for Bitcoin, highlighting potential support at $76,000 amid current price correction.
Bitcoin's price correction to $83,223 prompts insights into supply distribution and potential support levels, with analysts emphasizing the significance of closing the gap near $86,000 for a sustained bull run.
Market dynamics suggest potential support at $76,000 and $73,800 for Bitcoin, as investors navigate through short-term losses and outflows from Bitcoin ETFs. Former Glassnode analyst and founder of CheckOnChain believes the chances of a Bitcoin bear market are not large, emphasizing potential losses for investors selling during the current drawdown.
Data indicates reduced realized supply between $76,000 and $86,000, prompting discussions on healthy market dynamics. The article also touches on Bitcoin's price history and potential technical support levels in the event of a further decline.
"The odds we're in a bear market are not large in my opinion."
Bitcoin’s price fell to $83,223 after a 6.5% correction over the past 24 hours amid mounting downside pressure in a low-liquidity trading zone around $70,000 to $90,000. Data from the Cost Basis Distribution heatmap indicates a reduction in realized supply, specifically between $76,000 and $86,000, driven by rapid price increases that outpaced capital inflows.
French analyst CryptoSapiens pointed out that closing the gap near $86,000 is healthy for a continued bull run.
Bitcoin’s all-time high of just over $109,000 was reached on the morning of Trump’s inauguration for a second term. This followed a surge that saw the digital asset peak at $98,200 after Trump’s November 2024 election win. These gains have now been reversed as of press time, with Bitcoin struggling to hold $86,000.
A fall to around $76,000 would allow the market to fill this gap while mirroring technical support levels seen last year in Bitcoin’s sustained price channels. At $73,800, Bitcoin may be supported by long traders using leverage looking to protect derivatives contracts from liquidation alongside traders who view this previous resistance as a likely support level.
Analyst LIAM 'AKIBA' WRIGHT Editor-in-Chief at CryptoSlate
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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IN THIS INSIGHT
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
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