Bitcoin Bulls Must Defend This Level to Avoid Potential Major Drop, Warns Glassnode

Bitcoin's price remains in a tight range, with investors wary of potential declines.

Bulls need to defend key levels to sustain upward momentum, and on-chain analytics firm Glassnode has identified a crucial threshold.

According to Glassnode, Bitcoin must stay above $96,300 to avoid deeper corrections. If this support fails, analysts warn the price could slide to the next key level at $80,100. The analysis relies on the MVRV Z-Score, a metric used to assess Bitcoin’s valuation relative to historical trends.

The MVRV Z-Score indicates that Bitcoin is hovering around the critical $96,300 level. If this support breaks, the metric suggests the next major safety net for bulls is at -1.5σ, around $80,100.

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Additionally, analysts highlighted the significance of short-term holders (STHs) and their cost basis. This group’s average purchase price is approximately $92,200, making it another important threshold for maintaining bullish momentum.

If Bitcoin remains above this level, it could signal continued stability and prevent a sharper downturn.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.