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.

READ MORE:

21 Key Bitcoin Principles From Strategy’s Michael Saylor

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