Bitcoin Must Maintain $30K Support To Avoid Major Sell-Off, Glassnode Warns
Portfolio Pulse from Mehab Qureshi
Glassnode, a crypto analytics firm, has indicated that Bitcoin (BTC) must maintain the $30,000 support level to avoid a major sell-off. The firm's analysis of Bitcoin's Realized Price Distribution shows significant accumulation between $25,000 and $31,000, suggesting strong support at $30,000. This level is seen as a battleground for recent gains and the largest supply cluster. A drop below could trigger sell-offs. Meanwhile, crypto analyst Kaleo predicts Bitcoin could reach $80,000 in the post-halving surge. Currently, BTC is trading at $36,402.19, down 3.21% in the last 24 hours.
November 17, 2023 | 2:10 pm
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Bitcoin is at a critical juncture according to Glassnode, with $30,000 being a key support level. A break below this could lead to a significant sell-off. Conversely, analyst Kaleo's prediction of an $80,000 target provides a bullish outlook.
The short-term impact on BTCUSD is uncertain as there are conflicting signals from Glassnode's warning of a potential sell-off if the $30,000 support is breached and Kaleo's bullish prediction. The current price is above the support level, but the market sentiment could change rapidly if it approaches or breaks below $30,000.
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