Bitcoin (BTC) broke a new record by exceeding $124,000 in mid-August, then fell below $110,000.
While predictions of a $100,000 drop are being made for BTC, which has been fluctuating within a certain range, on-chain analytics firm Glassnode announced critical levels to watch out for for Bitcoin.
Stating that Bitcoin is facing intense selling pressure from short-term investors at current levels, Glassnode said that $113,600 is critical for Bitcoin.
Glassnode added that this price coincides with the average purchase price of short-term investors who purchased BTC one to three months ago.
At this point, Glassnode warned that if the Bitcoin price reaches $113,600, selling pressure from short-term investors could increase and a new decline could occur.
Glassnode analysts also noted that the $107,000 to $108,000 levels are key support levels for BTC.
Glassnode stated that the market is testing this key level and if it fails to maintain this level, a drop to the $93,000 to $95,000 range is possible.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/glassnode-announced-critical-turning-point-has-arrived-in-bitcoin-these-levels-will-determine-the-next-move/
