Bitcoin Slips Below Crucial Support, Indicates Growing Market Uncertainty

Bitcoin ($BTC) has dipped below a key support level in terms of price performance. In this respect, Bitcoin’s price has lost support around $109K, the 85th percentile cost basis. As per the data from Glassnode, losing the key support level has increased the risk of further downside in the near term. Subsequently, the current price level of Bitcoin ($BTC) is up to $103.5K while the investors are going through significant uncertainty.

$BTC Slides Below 85th Percentile Cost Basis

The plunge from the Bitcoin’s ($BTC) 85th percentile cost basis around $109K is raising market-wide concerns. As a result of this, the price of the leading crypto asset is hovering around $103K and faces apprehensions about the continuation of the ongoing downtrend. This market scenario could lead to the next percentile cost basis.

Based on the market statistics, Bitcoin ($BTC) could soon dip to the 75th percentile cost basis if the present decline continues. The respective level is standing at around up to $99K. Historically, this spot has notably cushioned Bitcoin’s price pullbacks. At the same time, touching the 75th percentile cost basis suggests that a great number of $BTC holders are approaching breakeven zone.

Leading Crypto Eyes Rebound from $99K

According to Glassnode, amid the slip from Bitcoin’s 85th percentile cost basis, the top crypto asset is facing increased volatility.  Hence, while Bitcoin ($BTC) is continuously slumping, the next and 75th percentile cost basis could serve as a technical and psychological support territory. However, on the other hand, failing to hold on to this level may expedite downside momentum. Keeping this in view, if Bitcoin rebounds from $99K, it could denote renewed holder confidence. Nevertheless, consistent weakness below it may drive wider market structure reevaluation.